Real Estate Weekly
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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.

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