EATONTOWN, NJ—Holliday Fenoglio Fowler has secured a $10 million refinancing for West Ridge Corporate Center, a 113,715-square-foot, office/flex campus in Eatontown, NJ.
Working on behalf of the borrower, Bollerman Real Estate Services, HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital, a lending platform jointly formed by Macquarie Group and Principal Real Estate Investors. Loan proceeds were used to refinance an existing loan on the property.
The HFF debt placement team representing Bollerman was led by director Michael Klein.
“Bollerman was seeking a long term loan that would enable them to take advantage of low interest rates in arguably a soon to be rising interest rate environment,” says Klein. “Principal understood the submarket and the short term leases associated with this product type and was able to provide a loan that best met Bollerman's needs.”
West Ridge Corporate Center is located at One Industrial Way West within the Eatontown Business Park. The five-building, office/flex complex is located just west of Route 35, one mile south of its intersection with Route 36 and less than three miles from Interchange 105 of the Garden State Parkway and Route 18. The property, which was built in 1983 and purchased by Bollerman in 2004, is currently 96 percent leased.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
