HFF announced that it has secured a $46.36 million loan for Center 78, a 371,680 s/f, Class A office property in Warren, New Jersey.
Working exclusively on behalf of Normandy Real Estate Partners, HFF placed the three-year, floating-rate loan with Square Mile Capital Management, LLC.
Center 78 is located at 184 Liberty Corner Road just north of Interstate 78 about 30 miles west of New York City. The LEED Gold certified property was originally built in 1982 and was renovated between 2012 and 2013.
The HFF team representing the borrower was led by senior managing director Jon Mikula and associate director Michael Lachs.
“Center 78 is an excellent example of how a building can be totally renovated and creatively reconfigured to attract new high-quality, discerning tenants. Normandy has done just that,” said Mikula.
“Like Normandy, Square Mile has a long and successful track record as an equity investor in commercial real estate assets that require repositioning in order to unlock hidden value,” said Square Mile vice president Matt Drummond.
“With the recent launch of Square Mile’s senior loan origination platform, we now are utilizing our firm’s proven real estate and structuring expertise to serve institutional and entrepreneurial borrowers as a direct lender.
“Center 78 was a perfect fit for our loan platform and a prime example of the kind of financing opportunities we are seeking.”
Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites.