Provident Bank Secures Refi for NJ Business Park
- Feb 14, 2018
Provident Bank has granted a five-year, $9.2 million loan to Denholtz Associates for the refinancing of 11 flex/industrial buildings located within Bridgewater Business Park in Bridgewater and Bound Brook, N.J. The mortgage will cover capital improvements such as the replacement of parking areas and roofs, as well as façade repairs to each building. The renovations are slated for completion this spring.
“The refinancing will enable us to make long-term investments into this portfolio to position the asset for continued high occupancy well into the future,” Denholtz Associates President Stephen Cassidy, said in a prepared statement.
Denholtz’s assets spread across 264,163 square feet at 7W-10W Chimney Rock Road and 24E-30E Kearney St. The diverse roster of tenants includes baseball training center Zoned Inc., airsoft facility The Airsoft Factory, and stone fabricator and distributor Bridgewater Marble.
The 16-building Bridgewater Business Park totals 380,000 square feet and is situated close to a highly transited area serviced by routes 22, 202 and 206, interstates 78 and 287, Garden State Parkway and New Jersey Turnpike. Bridgewater Commons Mall, restaurants, banks, hotels, conference centers and the upcoming Chimney Rock Shopping Center are all located nearby.
Provident Bank CRE Relationship Manager III Paul Barrood secured the financing on behalf of Denholz, which recently obtained a loan for the acquisition of an industrial center in Orlando, Fla.
Image courtesy of Denholtz Associates