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.