$35M Funding Yields New Corporate Park Owner

EAST WINDSOR, NJ-Berman Development Co. has obtained a total of $35 million in financing, including $30.8 million in debt and $4.2 million in equity, for its Windsor Corporate Park here. The funding is related to the Trenton, NJ-based Berman's recent acquisition of the four-building, 287,065-sf class A complex.

"The deal presented a challenge for all investors, since new leasing was ongoing from the contract's inception through closing," says James Gunning, senior director of CBRE Melody, of Saddle Brook. Gunning teamed with the firm's vice president Donna Falzarano to arrange the package for Berman. "The debt and equity placements were performed simultaneous with the sale."

The funding was provided by a Wall Street conduit and a public REIT, who the brokers declined to identify. The financing package includes a 10-year term with a 30-year amortization at a 5.6% interest rate, according to Gunning.

Windsor Corporate Park's four interconnected buildings have risen on 84 acres within the 120-acre former Lockheed Martin tract here. Seller Windsor Limited Partnership of NJ, a group that includes GMH Associates and Urdang & Associates, both of Wayne, bought the tract in 1998 from Lockheed Martin, razed most of the existing buildings after that company moved out and began the site's redevelopment.

Located at 50 Millstone Rd. near its intersection with Route 535, the complex is near Exit 8 of the New Jersey Turnpike midway between New York and Philadelphia in the Route 1 corridor. Signed tenants to date include CBIZ-KA Consulting, Coface, Commonwealth Business Media, Expert Plan, Infragistics, Liberty Communications, Maximus, OSI, Onboard Engineering, PERQ/HCI, Utica National Insurance and ClinPhone.

The four existing buildings are currently approximately 85% leased, and available space is listed with an asking price of $24 per sf plus tenant electric. The overall site has an ultimate build-out capacity of 900,000 sf.