Holliday Fenoglio Fowler, L.P. (HFF) has secured an $18.5 million refinancing for Centra, a 110,700 s/f, Class A office building in the Metropark section of Woodbridge, New Jersey.
Working on behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF placed in November of 2010 for the redevelopment of the property.
Centra is located at 100 Wood Avenue South close to the Metropark Train Station and directly accessible from the Garden State Parkway Exits 131 and 132, which are located just north of the confluence of the NJ Turnpike, Interstate 287, Route 440 and Routes 1 & 9, and 20 miles southwest of New York City.
Completed in late 2011, the property is now 95 percent leased. Key tenants include JP Morgan Chase, MetLife, Grant Thornton and Net App.
The four-story, LEED Platinum building features a conference center, fitness center and café.
The HFF debt placement team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.
“When we began marketing the debt, the building was still in lease up at 66 percent occupancy,” said Klein.
“That quickly changed as JP Morgan Chase and MetLife executed leases taking the building’s occupancy to 95+ percent, further demonstrating the strength of this location and the quality of the asset.”
“M&T Bank was flexible throughout the process and flawlessly executed for the borrower as the deal evolved,” added Mikula.