M&T Bank has closed on a $44 million commercial real estate loan for affiliates of Mountain Development and Square Mile Capital Management to complete building renovations and tenant improvements to a 434,000 s/f office building at 56 Livingston Avenue in Roseland.
The Class A, multi-tenant building will provide leased space to local clients in the legal, insurance and accounting sectors.
“M&T has been a great partner on some of our most exciting development projects and we are thus, especially delighted to be working with them on this outstanding asset,” said L. Robert Lieb of Mountain Development Corp.
In addition to the interior tenant space design work, renovations planned for the building include an entirely new and larger fitness center; a redesigned and more contemporary cafeteria; and construction of an exterior lounge to provide an inviting and secure open space on the campus.
“We can only succeed at M&T Bank by helping our customers succeed. We look forward to seeing Mountain Development and Square Mile Capital put this financing into action at 56 Livingston, which will provide jobs in Essex County as it develops into one of the premiere office addresses in Northern New Jersey,” said Rick Steele, administrative vice president of commercial real estate lending in Northern New Jersey for M&T Bank.
The building was originally constructed for Prudential Financial, and then became home to the U.S. headquarters of Organon International.
After the pharmaceutical company was acquired by Merck, Mountain Development and Square Mile purchased the 56 Livingston building in 2012.
New, committed tenants include Lowenstein Sandler, Connell Foley and Brown & Brown and Mountain Development looks forward to leasing a 50,000-square-foot unit on the top floor of the building.