Saturday, April 16, 2011
HFF secures $15.47 million financing for LEED certified Class A office development in northern New Jersey
FLORHAM PARK, NJ – HFF announced it has secured $15.47 million in financing for the completion of Summit Executive Center, a LEED certified, Class A office building being built in Summit, New Jersey.
HFF worked exclusively on behalf of the borrower, a joint venture between Mark Yeager and Normandy Real Estate Partners, to secure the 36-month, acquisition, rehab and construction loan through The Provident Bank.
Due for completion in March 2012, Summit Executive Center will have four stories of office space totaling 65,518 square feet. The property is 50 percent pre-leased and also includes a 196-space, two-story parking garage.
Located in downtown Summit at One Deforest Avenue, the property is close to Interstates 78 and Route 24 as well as the Summit train station providing access into Manhattan, which is 22 miles to the east.
The HFF team representing the borrower was led by senior managing director Jon Mikula (lower right photo) and associate director Michael Lachs.
“This transaction is an excellent example of positive leasing activity and lenders willing to fund well-conceived projects,” said Mikula.
Jon Mikula, HFF Senior Managing Director, (973) 549-2000
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500