MetLife’s New Jersey HQ Needs $50M in Construction Funds
Guelda Voien May 15, 2015, 12:02 p.m.
The developer of MetLife Investors’ new headquarters is seeking about $50 million in construction financing for the project, a source with knowledge of the situation told Commercial Observer.
At 67 Whippany Road in Morris County, N.J., the built-to-suit HQ will rise, with completion slated for mid-2016.
A joint venture between Vision Real Estate Partners and Rubenstein Partners is developing the 185,000-square-foot office development, which is 100 percent triple-net leased to MetLife—as credit a tenant as you can get. As such, the loan is far less risky than your typical construction loan, a source with knowledge of the market told CO.
Cushman & Wakefield’s equity, debt and structured finance group has been tapped to arrange the financing, a spokesperson for the firm said. The firm declined to comment on how much cash was needed.
John Alascio, David Bernhaut, Alexander Hernandez, John Spreitzer and Suraj Ravi received the assignment, the representative said.
“The long-term lease duration and highly experienced co-development team make for a seamless financing arrangement,” Mr. Alascio said through the representative.
The official groundbreaking for the property was held on April 21, 2015.