Normandy Real Estate Partners took out a $65.5 million loan from First Niagara Bank and Principal Real Estate Investors for a four-building office park in Florham Park, N.J., totaling 351,684 square feet, Mortgage Observer has learned.
The three-year, floating-rate loan arranged by HFF will be used to retire existing debt and upgrade amenities at the property, known as Park Place, to meet “best-in-class” standards and fund leasing costs for new tenants, according to the brokerage firm.
The office park is located on a 30-acre site at 200-230 Park Avenue along the Route 24 corridor, about 30 miles west of Manhattan. The property contains an on-site cafeteria, fitness center and 70-seat conference center, in addition to the three-story corporate buildings and parking for 1,405 vehicles.
The office space is leased to Fairleigh Dickinson University, M&T Bank, Sun Bank and several state law firms.
The four buildings were almost completely reconstructed from their steel frames in 2000 and 2001, a Normandy spokesperson told MO.
Senior managing director Jon Mikula and Associate Director Mike Lachs led the HFF debt placement team on behalf of the borrower.
“We were excited to be a part of the Normandy team to help re-introduce Park Place to the market,” Mr. Mikula said. “By partnering First Niagara with Principal, we were able to provide a creative cost effective solution.”