MORRISTOWN, NJ, July 8, 2021 – JLL Capital Markets announced today that it has arranged a $ 9 million refinancing for Meridian Center II, a Class A office building in Eatontown, New Jersey.
JLL worked on behalf of the borrower, The Donato Group, to secure the loan through TIAA Bank.
The 80,188 square foot building, known as the Meridian Center II, spans 4.6 acres and is currently 92% occupied by a mix of tenants related to tech, defense and healthcare , including Hackensack Meridian Health, Wayside Technology Group, and Altair Health. Originally built in 1988, The Donato Group has made significant improvements to the property over the past three years, including refreshing the lobby, hallways and washrooms.
Located at 4 Industrial Way West, the Meridian Center II is located in Eatontown Business Park, which totals 2.3 million square feet of premier office, medical and industrial space, and is easily accessible via NJ State Route 35 and Hope Rd. The property is also close to State Route 36, Route 18, and the Garden State Parkway.
Located in Monmouth County, New Jersey’s fifth most populous county, the area is home to over 636,000 residents and serves as a dormitory community for many small and medium-sized businesses that operate out of the Eatontown Business Park. . The area is also just 40 miles from New York and 60 miles from Philadelphia.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Michael Klein, Managing Director Max Custer and Analyst Gerard Quinn.
âWe are grateful for the opportunity to represent the Donato Group again,â Klein said. âTIAA provided the borrower with very attractive trading conditions and a very competitive rate. ”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides clients with best-in-class solutions, whether it is investment selling advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.
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Jones Lang LaSalle inc. published this content on July 08, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 08 July 2021 21:57:03 UTC.