MATAWAN, NJ–HFF secured $14.5 million in financing for Metro Park South, a 132,721-square-foot, Class A office building in Matawan, NJ that will enable the new owner to pay down debt and make capital improvements on the property.
HFF worked on behalf of the borrower, Denholtz Associates, to secure the three-year, floating-rate bridge loan with The Bancorp Bank. Loan proceeds will be used to pay off existing debt, execute a capital expenditure program that includes upgrades to the building's lobby and common areas, and cover upcoming tenant improvements and leasing commissions needed to stabilize the property. GlobeSt.com previously reported on Cushman & Wakefield's efforts to help Denholtz recapitalize the property.
Metro Park South is part of a three-building cluster of high-quality office assets located at 100 Matawan Road at Exit 120 of the Garden State Parkway and within minutes of the New Jersey Turnpike, Routes 1 and 9 and Interstate 287. Amenities at the four-story building include an atrium lobby, 100 covered executive parking spaces, on-site café and abundant parking.
“The borrower was seeking a loan that would provide them with the capital needed to refresh the building's image in the market,” says Michael Klein, HFF director who led the debt placement team. “Upgrades to the lobby and common areas as well as the building's exterior will help draw small and midsize tenants that want to be located south of the Driscoll Bridge to an already tight submarket.”
Working with Klein for HFF was senior managing director Jon Mikula and associate director Michael Lachs.
“Bancorp quickly understood the borrower's needs and was able to provide a non-recourse loan structure that will enable Denholtz Associates to execute its business plan,” says Mikula. “Their process was seamless and they were able to close in approximately 30 days, which helped the borrower meet their upcoming loan maturity.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
