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Debt & Equity

JLL arranges $32.5M SJP refinancing deal

JLL Capital Markets team has completed the refinancing of the 310,000 s/f Somerset Corporate Center IV in Bridgewater, N.J.

JLL secured a $32.5 million refinance from Sterling National Bank on behalf of the owners, SJP Properties and PGIM Real Estate.

Managing director Jonathan Schwartz, along with vice chairman Aaron Appel, executive vice president Brett Rosenberg and associate Douglas Baillie, led the JLL team on the refinancing.

“Somerset Corporate Center is widely known as the premier corporate headquarters location in Central New Jersey,” said Schwartz.

“The property is centrally located within one of the country’s strongest corridors for the pharmaceutical and technology sectors.”

Somerset Corporate Center IV, located at 400 Somerset Corporate Boulevard, is part of the master-planned Somerset Corporate Center in Bridgewater, NJ.

The complex was constructed in 2001 and comprises five Class A office buildings, totaling 1.25 million square feet.

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