The deal was put together for the Edison-based Summit Associates by Tony Cuccia, managing director in the New Jersey office of Holliday Fenoglio Fowler here, who arranged a loan structure that divided the portfolio into eight separate fixed-rate financings. The structure of the financing also provides for staggered terms so that no more than three loans will have the same maturity date.

"We were asked to prepare a loan structure that would limit the overall refinance exposure, reduce the current yield maintenance expense and secure the best market interest rate," Cuccia says. "We secured and negotiated proposals from more than 20 lenders, which assured the borrower of not only the best available interest rate, but also the best overall execution for this loan structure.

"We also approached existing lenders and were able to secure a partial reduction of the prepayment penalty for certain existing loans," he says. Summit Associates could not be reached for comment on the transaction.

The refinanced portfolio consists of more than 2.5 million sf of office, warehouse and distribution, flex and high-tech space and a 23-acre parcel of land that is currently zoned for light industrial use. Summit's total holdings are currently in the three-million-sf range.

Most of the properties covered by the deal are located in Raritan Center in Edison, where the borrower maintains its headquarters at Raritan Center I. Raritan Center is a sprawling business park with multiple ownership that encompasses 13 million sf and 3,000 tenants in more than 100 buildings, including several hotels and an exposition center. Other of the refinanced properties are located in Hillsborough Township and Carteret.