HFF secures $81.5 million refinancing for a four-property office portfolio in Princeton, NJ

 NEW YORK, NY – The New York and New Jersey offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have secured an $81.5 million refinancing for a four-property office portfolio totaling 456,000 square feet in Princeton, New Jersey. (top left photo)

HFF senior managing directors Mike Tepedino (top right photo)  and Jon Mikula (middle left photo)worked exclusively on behalf of the borrower, a joint venture between RXR Realty and affiliates of Marathon Asset Management, to secure the five-year, fixed-rate loan on a pari-passu basis through Cigna Investments and AIG Global Investment Group.

The properties in the portfolio include

University Square

and 100, 104 and

115 Campus Drive

.  Completed in 2008,

University Square

is a five-story, 324,000-square-foot, Class A+ office building. 

The three additional properties are single-story office buildings totaling 132,000 square feet.  In total, the portfolio is 95% occupied by tenants including Blackrock, Axis Insurance and Otsuka. 

 Located at the intersection of Route 1 North and

Alexander Road

, the portfolio is adjacent to Carnegie Center about two miles east of downtown Princeton.  This location is close to Princeton University, the New Jersey Turnpike, Interstates 95 and 295 and the Princeton Junction train station.

“

University Square

is one of the preeminent office assets in the Princeton market and was designed to capture the ‘best of class’ tenants through a combination of trophy quality office space, advanced technology and connectivity infrastructure and first-class amenities.  "As a result, the loan was highly sought after, and both AIG and CIGNA provided exceptional service within a tight timeframe for the borrower,” said Tepedino.

RXR Realty is a vertically-integrated 160-person organization with significant experience in property management, leasing and construction operations in the New York Tri-State area.

Marathon Asset Management is a global credit manager with approximately $10.5 billion of capital under management, including commitments, investing opportunistically in credit and fixed income markets and real estate.       

Contacts:

Michael Tepedino,   HFF Senior Managing Director, (212) 245-2425 , mtepedino@hfflp.com

Jon Mikula, HFF Senior Managing Director,  (973) 549-2000, jmikula@hfflp.com

Kristen Murphy,  HFF Associate Director, Marketing,   (713) 852-3500,  krmurphy@hfflp.com