JLL Closes $19M Refi for New Jersey Office Portfolio
- Apr 23, 2020
The Donato Group has received an $18.8 million loan from Ocean First Bank to refinance a two-building, 125,700-square-foot office portfolio in Eatontown, N.J. The 10-year mortgage will be used to replace a $12.7 million portfolio loan from the same lender, according to Yardi Matrix data.
JLL Senior Managing Director Michael Klein and Associate Andrew Zilenziger worked on behalf of the borrower. Located at 17 and 23 Christopher Way within the Eatontown Business Park, the assets are roughly 3 miles from the Garden State Parkway and State Route 18, two of the major north/south regional arteries.
The 80,207-square-foot, four-story building is fully leased to the U.S. Department of Veteran Affairs, while the 45,475-square-foot, single-story property is home to Industrial Controls and FirstService Residential. The Donato Group completed both buildings in 2001.
Earlier this year, the same JLL brokerage team arranged a $31.1 million loan for the acquisition and renovation of an office property in Parsippany, N.J. Prime Finance provided the three-year, floating-rate financing.