New Jersey-based investment and development firm ML7 has refinance a Princeton office property with a $19.5 million loan from Univest Bank and Trust.
Cushman & Wakefield served as the exclusive adviser to ML7 in the procurement of the loan for 750 College Road East, a 101,489 /sf office property which recently underwent renovations and is 100 percent occupied. The property serves as the headquarters to ALC, a Princeton-based data marketing firm, and TRAC Intermodal, North America’s leading intermodal equipment provider and chassis pool manager.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Sridhar Vankayala, Zachary Kraft and Maya Steinberger represented the borrower.
“We congratulate ML7 and Univest on the closing of this re-financing. This process commenced post-Covid and is a testament to the strength of this asset, as well as all the parties involved in this process, that we achieved such a seamless execution,” said Gideon Gil. “ML7’s strong sponsorship coupled with steady fundamentals in the Princeton office market led Univest Bank and Trust to put forth a compelling financing package that emphasized their understanding of the client’s long-term goals.”
“Univest demonstrated a real understanding of the Princeton market and a commitment to an excellent lender-borrower relationship. We look forward to growing that relationship into the future,” added Jeffrey Siegel, President of ML7.
Located just off of Scudders Mill Road in Princeton, 750 College Road East is situated in one of the most prestigious submarkets of Central New Jersey, which is home to a roster of major corporations, universities and colleges, a booming retail market and strong demographics.