X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

BLOOMFIELD, NJ-The Hampshire Cos. has picked up a $32.2-million interim bridge loan for the redevelopment of Parkway Technical Center, a four-building office complex at 1515 Broad St. here. The Morristown-based Hampshire’s plans for the complex include an enclosed bridge between two of the buildings, interior and exterior rehabs, relocating the cafeteria and adding a fitness center.

The four buildings total just more than 280,000 sf, with about 60% of that space occupied by ABB Lummus Global Inc. The Zurich-based petroleum and petrochemical concern uses the space as its US headquarters and to house its US technical division.

The funding was provided by Wachovia Bank in a transaction arranged by senior managing director Jon Mikula and senior real estate analyst Michael Klein of the Florham Park office of Holliday Fenoglio Fowler. The three-year adjustable rate loan has two single-year extension options.

“The Essex County Office market is the fourth largest in Northern New Jersey and currently has the lowest vacancy rates,” Mikula says. “Post-renovation, the property should attract significant interest from tenants seeking class A office space.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.