FLORHAM PARK, NJ–HFF arranged $65.5 million in financing for Park Place, a four-building, class A office park totaling 351,684 square feet in Florham Park, NJ. Loan proceeds will be used to retire existing debt, upgrade amenities to meet “Best in Class” standards and fund leasing costs for new tenants.
HFF worked exclusively on behalf of the borrower, Normandy Real Estate Partners, to secure the loan with First Niagara Bank and Principal Real Estate Investors.
Park Place is situated on about 30 acres at 200-230 Park Avenue along the Route 24 corridor in the western part of Florham Park. Amenities include an on-site cafeteria and fitness center, 70-seat conference center and parking for 1,405 vehicles. All four of the three-story buildings were reconstructed from the steel frame in 2001 and are leased to Fairleigh Dickinson University, M&T Bank, Sun Bank and several of the state'sleading law firms.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and associate director Mike Lachs.
“We were excited to be a part of the Normandy team helping to re-introduce Park Place to the market,” says Mikula. “By partnering First Niagara with Principal, we were able to provide a creative, cost effective solution.”
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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].
