HFF announced secured $13.9 million in financing for 17 and 23 Christopher Way, a 45,475 s/f office/flex building and adjacent 79,053 s/f mid-rise office building within the four million-square-foot Eatontown Business Park in Eatontown, NJ.
HFF worked on behalf of The Donato Group to secure a $12.7 million, seven-year, fixed-rate first mortgage and a $1.2 million line of credit through OceanFirst Bank.
The loan will be used to refinance existing debt on the property and provide a working line of capital for upcoming tenant improvements and leasing commissions.
17 and 23 Christopher Way, which were developed by the borrower in 2000, are located just off Route 35 less than three miles from the Garden State Parkway, Route 36 and Route 18. The property is 97 percent leased to tenants including Wentworth Property Management Corp., Industrial Controls, Cohn Reznick and Nuance Communications, Inc.
OceanFirst Bank provided the loan. The HFF team representing the borrower was led by director Michael Klein.
“The high-quality finish of the assets coupled with the size of the borrower’s portfolio within the submarket and their local market expertise help ensure that these properties are always highly occupied,” said Klein.