P3 Lands $60M Bridge Loan for Parsippany Office Complex
JLL arranged the four-year, floating-rate acquisition bridge loan through Bridge Investment Group.
PARSIPPANY, NJ—P3 Properties in New Jersey received $59.975 million in financing for the Class A office complex in Parsippany it added earlier this year, according to JLL Capital Markets.
JLL arranged the four-year, floating-rate acquisition bridge loan on behalf of P3. The loan was placed through Bridge Investment Group in a deal that closed before the COVID-19 outbreak became widespread.
Bridge provided “P3 with a very attractive rate at 80% LTC with a future funding facility on a non-recourse basis,” said JLL Capital Markets senior managing director Greg Nalbandian.
Nalbandian and JLL Capital Markets associate Andrew Zilenziger represented P3 on the financing deal. A different JLL Capital Markets team represented the seller, an affiliate of Brookwood Financial Partners, LLC, when the property sold.
The two four-story buildings at 300 Interpace Parkway and 1 Upper Pond Road sit within the 31-acre Morris Corporate Center master planned development. Morris Corporate Center 1 & 2 are 67% leased, with tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen.
Amenities include two full-service cafes, a 5,000-square-foot fitness center and a yoga studio. P3’s Harvey Rosenblatt said the company plans to add more amenities and expand the use of exterior spaces.
“With wellness currently at the forefront of many companies’ focus, we are well positioned to deliver on our pursuit of the ultimate work environment,” Rosenblatt said when the purchase was announced.
Bridge Investment Group earlier this year picked up a 235,210-square-foot Class A office asset in the Washington, DC suburb of Rockville, Md., bringing subsidiary Bridge Office Fund Manager’s Maryland portfolio to total more than 1.1 million square feet.
Before the coronavirus pandemic struck, Parsippany saw two high-profile leases signed. Clothing retailer Old Navy leased 12,500 square feet at the Waterview Marketplace and insurance company New Agency Partners leased 6,600 square feet at 20 Waterview. Both deals were announced in February.