WEST WINDSOR, NJ – HFF has arranged a $95 million refinancing of four office properties in the University Square office complex close to Princeton University for RXR Realty.
HFF placed two floating-rate loans with Bank of America. An $80 million loan was secured for 1 University Square Drive and a $15 million loan was arranged for 100, 104 and 115 Campus Drive. All of the properties lie within the West Windsor complex, built in 2008.
1 University Square is a fully leased 328,181-square-foot, Class A property. Tenants include Axis Reinsurance, BlackRock, Mercer and Otsuka Pharmaceutical. The Campus Drive properties are single-story buildings that are 75 percent leased overall and have a combined square footage of 137,382 square feet.
The complex is situated near the Princeton Junction train station and has quick access to interstate highways and the Route 1 corridor.
HFF’s team representing RXR Realty was led by senior managing director Michael Tepedino.
RXR and its affiliates own interests in 106 operating properties encompassing 18 million square feet of commercial space in New York City, Long Island, New Jersey, Westchester and Connecticut.