JLL Capital Markets has arranged $29.9 million in acquisition financing for 7 Giralda Farms, a three-story, 236,809 s/f, Class A office building in Madison, New Jersey.
JLL worked exclusively on behalf of the borrower, a joint venture between Bergman Real Estate Group and an affiliate of Eightfold Real Estate Capital, to place the four-year, floating-rate bridge loan with Shem Creek Capital.
The acquisition is a joint venture between Bergman and Eightfold Capital. The partnership acquired the building from Mack-Cali, making this Bergman’s fourth acquisition from the commercial REIT.
Constructed in 2000, 7 Giralda Farms features a three-story atrium, flexible floor plates to accommodate large or small users and a full amenity package that includes a full-service fitness center and café, outdoor patio seating, 606 below-grade covered parking and 56 surface parking spaces for visitors. The institutional-quality building is currently 59 percent leased to Prudential Financial and Leo Pharmaceuticals.
The borrower plans to implement an aggressive capital improvement plan that will update and modernize the building. The plan includes upgrading the lobbies, restrooms, café and fitness center, as well as the addition of new amenities.
7 Giralda Farms is situated on 20 acres within the premier Giralda Farms Office Park, a 310- acre campus featuring 1.15 million square feet of office space across seven office buildings. The property is located in the heart of Morris County near Route 24 and Interstates 78 and 287, providing unparalleled access to the nearby affluent communities and variety of high-end shops and restaurants. Additionally, the office building is less than 30 miles from New York City.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Michael Klein and Greg Nalbandian and Analyst Gerard Quinn.
“Our client acquired this off-market transaction at a very attractive basis in the highly desirable Giralda Farms Office Park,” Nalbandian said. “There was considerable lender interest for this value-add financing, which demonstrated there is strong liquidity for well-capitalized sponsors with sound business plans.”
“Shem Creek Capital did an outstanding job from the onset understanding the opportunity and tailoring the loan to meet the joint venture’s objectives,” Klein added.
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