JLL Capital Markets has arranged $59.975 million in financing for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 s/f in Parsippany, New Jersey.
Working on behalf of the borrower, P3 Properties, JLL placed a four-year, floating-rate acquisition bridge loan through Bridge Investment Group.
The properties (pictured top) are located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center master planned development in the Parsippany submarket of New Jersey.
The 31-acre site is less than a mile from Interstate 80 and in close proximity to Route 46. Morris Corporate Center 1 & 2 features four full-height atrium lobbies, two full-service cafes, a 5,000 s/f fitness center with locker rooms and a yoga studio, two conference areas including an executive boardroom, covered and surface parking and a central pond with trellis seating areas and walking path.
The four-story properties are currently 67 percent leased to a variety of tenants including Zurich Insurance, York Risk Services, Ipsos, ICAP and Wallenius Wilhelmsen.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Greg Nalbandian and associate Andrew Zilenziger.
“This value-add bridge loan was closed just before the impact of the Covid-19 crisis became widespread,” Nalbandian stated.
“Bridge distinguished themselves from the onset and executed flawlessly, providing P3 with a very attractive rate at 80 percent LTC with a future funding facility on a non-recourse basis.”