SECAUCUS, NJ-Heritage Management Co. has refinanced a $20.5 million mortgage on its 300 Harmon Meadow Blvd. office building here. Jon Mikula of Holliday Fenoglio Fowler's Florham Park, NJ office arranged the 10-year, fixed-rate loan through LaSalle National Bank, according to Heritage principal Jeffrey Greenberg.
"Our goal was to take advantage of the current rate environment," Greenberg says. "LaSalle Bank structured the loan to allow us flexibility for future value created at the property."
The Ridgewood, NJ-based Heritage bought the 123,000-sf asset nearly two years ago from Ivy Equities for $25.5 million in a 1031 exchange. Since then, the firm has upgraded the building's exterior and is currently implementing general upgrades throughout its common areas.
Long-term tenants of the building, which sits on a six-acre site within the Harmon Meadow Corporate Park, include the Bank of America, C.H. Robinson, Chasan Leyner Bariso & Lamparello PC and JP Morgan. Just 3,000 sf remains available, according to Greenberg.
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