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JLL secures $32.5 million loan to refinance 310,000-square-foot, Class A office building for SJP Properties, PGIM Real Estate
NEW YORK, June 5, 2018 — JLL Capital Markets experts have completed the refinancing of the 310,000-square-foot Somerset Corporate Center IV in Bridgewater, N.J. JLL secured a $32.5 million refinance from Sterling National Bank on behalf of the owners, SJP Properties and PGIM Real Estate.
Managing Director Jonathan Schwartz, along with Vice Chairman Aaron Appel, Executive Vice President Brett Rosenberg and Associate Douglas Baillie, led the JLL team on the refinancing.
"Somerset Corporate Center is widely known as the premier corporate headquarters location in Central New Jersey," said Schwartz. "The property is centrally located within one of the country's strongest corridors for the pharmaceutical and technology sectors."
Somerset Corporate Center IV, located at 400 Somerset Corporate Boulevard, is part of the master-planned Somerset Corporate Center in Bridgewater, N.J. The complex was constructed in 2001 and comprises five Class A office buildings, totaling 1.25 million square feet, at the confluence of I-287, I-78, and Routes 202/206, 22 and 28.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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About SJP Properties
SJP Properties is a vertically integrated commercial and residential real estate developer, investor, asset manager, construction manager and property manager. The expertise of the company's core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase office complexes as well as for individual tenant build-out projects. SJP is a recognized leader in the development of build-to-suit office and mixed-use developments on behalf of a long-list of leading corporations, including Panasonic Corporation of North America, Prudential, BMW, Sanofi, Tiffany's, Ingersoll Rand and Bayer. The company's Class A office portfolio is home to such prestigious tenants as Microsoft, EY, Jet.com, and Linde, among many others.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, Inc., Inc., the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.6 billion ($49.9 billion net) as of Dec. 31, 2017. PGIM Real Estate's tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
George Shea, Mark Faris
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