The refinancing of the office properties has now been revealed by Holliday Fenoglio Fowler's New Jersey office in Florham Park, whose managing director Jon Mikula and associate director Michael Klein worked out the transaction on behalf of the Hampshire Partners Fund VI. The refinancing involves a three-year adjustable-rate loan through a bank syndication led by Webster Bank, according to Mikula.
Sovereign Bank is one of the major participants in the syndication as well. According to Mikula, Hampshire is recapitalizing part of the fund's assets, replacing a current line of credit and rebalancing the rest of the portfolio with the new loan. Further details of the transaction were not released.
Altogether, the refinanced portfolio adds up to just more than 1.4 million sf of rentable space, including six office buildings with a total of 877,100 sf, five flex buildings with a total of 167,216 sf, and three industrial buildings with a total of 305,874 sf in Northern New Jersey and southern Connecticut. The portfolio has an average occupancy of 68.3%, with Royal Bank of Scotland, GSA, Cablevision, Alcatel-Lucent and TD BankNorth among its notable tenants.
The New Jersey properties include Montvale Business Center in Montvale; Florham Park Business Center in Florham Park; 10, 80 and 81 Knightsbridge Dr. in Piscataway; 140, 240 and 275 Centennial Ave., also in Piscataway; 15-01 and 18-01 Pollitt Dr. in Fair Lawn; and 675 Central Ave. in New Providence. The Connecticut properties are the Wright International Financial Tower in Bridgeport, and Preston Hill Office Park in Middlebury.
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