FLORHAM PARK, NJ –HFF (Holliday Fenoglio Fowler, L.P.) has arranged $41.25 million in financing for Princeton Forrestal Village (top left photo), a 550,000-square-foot mixed-use development in Princeton, New Jersey.HFF senior managing directors Mike Tepedino (middle right photo) and Jon Mikula (middle left photo) worked exclusively on behalf of Investcorp International, Inc. to secure the five-year, fixed-rate loan from Morgan Stanley.
The securitized loan provided acquisition financing and leasehold financing with Princeton University as the lessor under the ground lease agreement.Princeton Forrestal Village is located along Route 1 close to downtown Princeton and Princeton University in central New Jersey.
The 41.89-acre site has 10 buildings with 349,239 square feet of office space, 188,198 square feet of retail space comprised of a stand-alone health club and spa (Can Do), two outparcel restaurants (Ruth’s Chris Steakhouse and Salt Creek Grille) and Harmony Day School, plus 11,891 square feet of common area and amenity space.
Also included on the site, but not part of the financing collateral, are a Westin Hotel and Conference Center and the Eden Institute. In total, the property is 89% leased to 77 tenants.“Several medical tenants signed leases at the property and a handful more have expressed interest in negotiating lease deals. Medical tenants are attracted to the property for its close proximity to the new hospital, the extensive amenity base, and the cost effectiveness of the space as compared to other buildings in the market,” said Mikula.
Investcorp International is a global investment group with offices in London, New York and Bahrain and has more than 300 employees worldwide. The real estate team of Investcorp International is an established, well capitalized, value-oriented real estate investor with a long and distinguished track record of success for almost 30 years, completing transactions with an aggregate value of nearly $43 billion globally. It currently has more than $6 billion of property under management.
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,
