New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
JLL Team Arranges Acquisition Loan for Northern NJ Offices
JLL Capital Markets arranged $31.12 million in financing for 5 Wood Hollow Rd., a 330,631-square-foot office building in Parsippany, NJ.
A team of Michael Klein and Andrew Zilenziger worked on behalf of the borrower, PAG Investments, to secure the three-year, floating-rate loan with Prime Finance. The bridge loan has two one-year extension options, and proceeds will be used to acquire the property and fund future capital expenditures and leasing advances.
“With its attentive management and leasing efforts and an extensive capital expenditure program, PAG will quickly be able to turn this asset into a true Class A building and attract and retain tenants that will stabilize and maintain a high occupancy for years to come,” said Klein.
5 Wood Hollow Dr. is strategically located on 22.99 acres at the Interstate 80 and 287 interchange in northern Parsippany. Currently, it’s 65% leased.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
