Real Estate Weekly
Image default
Debt & Equity

PAG bags $31M for Jersey office acquisition

JLL Capital Markets arranged $31.12 million in financing for 5 Wood Hollow Road, a 330,631 s/f office building in Parsippany, New Jersey.

JLL worked on behalf of the borrower, PAG Investments, to secure the three-year, floating-rate loan with Prime Finance.

The bridge loan has two one-year extension options and proceeds will be used to acquire the property and fund future capital expenditures and leasing advances.

5 Wood Hollow Drive is located on 22.99 acres at the Interstate 80 and 287 interchange in northern Parsippany.

The three-story building features average floor plates of 117,000 s/f, an atrium lobby, cafeteria, fitness center, conference facilities and parking. It is currently 65 percent leased.

The JLL representing the seller included senior managing director Michael Klein and associate Andrew Zilenziger.

Related posts

JL arranges $140M construction financing for latest mixed-use Gowanus development

REW

JLL arranges $176m construction financing for new mixed-use Gowanus development

REW

Pearlmark Closes $12M Mezzanine Debt Investment for Duffey 2.0

REW