Denholtz Properties has refinanced a New Jersey office property with an $11.4 million loan from Tristate Capital Bank.
JLL Capital Markets arranged the refinancing for 310 and 322 Highway 35 South, two three-story office buildings totaling 79,022 s/f in Red Bank, New Jersey.
JLL worked on behalf of Denholtz Properties to secure the seven-year, fixed–rate loan through Tristate Capital Bank.
310 and 322 Highway 35 South are located approximately 1.5 miles from downtown Red Bank in the Eastern Monmouth County Office submarket. This location is convenient to the Garden State Parkway and the Red Bank Train Station, which offers service to New York Penn Station.
310 Highway 35 South was completed in 2002 and offers 40,705 s/f. The property is fully leased to Markel Service, Inc., a global holding company for insurance, reinsurance and investment operations . Completed in 2007, 322 Highway 35 South has 38,317 square feet and is 90 percent leased to five tenants.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Analyst Carlos Silva.
Commented Klein,“Tristate Capital was very familiar with the asset, the tenancy and overall market, enabling them to provide competitive loan terms that best met the borrower’s needs.”
“We thank JLL for their work in securing this refinancing, as it will provide us with additional capital to reinvest in our current portfolio and enhance our ability to aggressively pursue acquisition targets throughout N.J. and the southeastern United States,” added Steven Denholtz, CEO of Denholtz Properties.
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