Walker & Dunlop Arranges Refi for BellWorks Fort Monmouth Campus

Walker & Dunlop arranged a $60-million bridge loan to refinance Bell Works Fort Monmouth,a mixed-use campus in Tinton Falls, NJ. The Walker & Dunlop Capital Markets Institutional Advisory team led by Dustin Stolly, Aaron Appel, Sean Reimer, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and Stanley Cayre arranged the bridge loan provided by Hudson Bay Capital on behalf of a joint venture between Inspired by Somerset and H.I.G. Realty Partners, the real estate platform of H.I.G. Capital.

Previously home to the Commvault headquarters, the campus has been redeveloped into a mixed-use destination featuring flexible office spaces, retail, dining, coworking spaces and community-focused amenities. It was developed using Inspired by Somerset Development’s “Metroburb” model for creating a self-contained metropolis in suburbia. The original BellWorks development is in nearby Holmdel, NJ.

“Bell Works Fort Monmouth is a highly differentiated mixed-use campus that continues to demonstrate strong leasing momentum and long-term value creation,” said Stolly. “The financing recognizes the strength of the asset’s cash flow today while providing flexibility to support its next phase of growth. We’re grateful to Inspired by Somerset, HIG Capital, and Hudson Bay Capital for their partnership on this transaction.”