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Partnership Acquires Offices in Princeton’s Forrestal Center
JLL Capital Markets arranged $14.138 million in acquisition financing for 500 College Rd. East, a 159,227-square-foot, Class A office building in Princeton, NJ.
The firm worked on behalf of Bergman Real Estate Group, Eight Fold Capital, and Hornig Capital Partners, to secure the three-year, floating-rate bridge loan through Amherst Capital Management, led by managing director Gabe Boyar.
The JLL Capital Markets team was led by senior managing directors Michael Klein and Greg Nalbandian, and VP Michael Lachs.
“Our client acquired this asset at a very attractive basis in the desirable Princeton submarket,” said Nalbandian. “There was considerable lender interest for this value-add financing demonstrating there is still strong liquidity for well-capitalized sponsors with sound business plans.”
500 College Rd. East is located on a 15-acre site within Princeton University’s 2,200-acre Princeton Forrestal Center business park. Originally constructed in 1984, the building features a three-wing design with 39,800-square foot floor plates.
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- ◦Financing
- ◦Sale/Acquisition
