HFF Secures $75M Financing for Realogy’s HQ in Madison, NJ
- May 14, 2013
The Hampshire Cos., owner of the newly redeveloped office building at 175 Park Ave. in Madison, N.J., has obtained financing to the tune of $75 million for the fully leased, 270,000-square-foot property.
HFF orchestrated the deal on behalf of the owner and noted that there were more than a few lenders interested in providing financing for 175 Madison, which serves as the new headquarters of Realogy Corp. They had their reasons. “[It’s a] Class A, newly renovated, award-winning building with a long-term lease,” Jon Mikula, senior managing director with HFF, told Commercial Property Executive. He added that the fact that there was an “excellent sponsor” was a strong draw as well.
Cantor Commercial Real Estate Lending L.P. provided the financing, which came in the form of a 10-year, fixed-rate loan. Hampshire plans to utilize the proceeds to retire the existing construction financing debt on the asset.