$30.01M acquisition financing secured for 180 Park Ave in New Jersey
JLL Capital Markets leads financing efforts on behalf of Vision Properties and The Birch Group
MORRISTOWN, N.J., November 18, 2020 – JLL Capital Markets announced today that it has arranged $30.01 million in financing for 180 Park Avenue, a 228,350-square-foot, Class A office building in Florham Park, New Jersey.
180 Park Avenue is positioned on 26.6 acres within The Green at Florham Park, a 268-acre master planned development that is home to Summit Medical Group, MD Anderson and the New York Jets, among other companies. Located in the heart of Morris County, the three-story property has immediate access to Route 24 with connections to Interstates 78 and 287, proximity to the surrounding affluent communities of Short Hills, Chatham, Summit and Mendham, as well as easy access to Newark Liberty Airport and New York City, which are both less than 25 miles away. 180 Park Avenue is 75% leased and anchored by Maersk Inc, the world’s largest container shipping company. Completed in 2001, the asset has been institutionally maintained and features a recently renovated atrium lobby with coffee bar, full-service cafeteria, fitness center and studio, outdoor patio seating and covered executive parking.
The financing efforts were led by JLL Capital Market’s Senior Managing Director Greg Nalbandian.
“This non-recourse financing demonstrates there is still very attractive debt capital for best-in-class sponsors who have a proven track record despite the market headwinds created by COVID,” stated Nalbandian. “CBRE Global Investors did an outstanding job recognizing the merits to this financing and delivered a market leading deal.”
"180 Park Avenue is a high-quality asset in suburban New Jersey with robust tenancy and strong sponsorship from Vision Properties and The Birch Group," said Charles Kim, Senior Director with CBRE Global Investors. "Our team was pleased to be involved in this transaction that benefited from great relationships with both JLL and the borrower from inception through closing."
The closing efforts were led by Vision Properties Asset Manager David Milewski, who added, “We were very pleased with the efforts made by JLL and CBRE Global Investors in the timely and efficient execution of this transaction, particularly given the ongoing pandemic.”
Mark Meisner of The Birch Group also stated, “It was a pleasure working with both Greg Nalbandian of JLL and Charles Kim of CBRE Global Investors. They were instrumental in facilitating a quick and smooth closing process.”
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 investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vision Properties
Vision Properties is a full-service commercial real estate firm with Class A office assets spanning the East Coast to the Rocky Mountain region. Through its flexible investment platform, Vision’s primary mission is to build lasting value for its investors through a strategic alignment of goals and commitment to excellence. For more information, please visit: vision-properties.com.
About The Birch Group
The Birch Group is a privately-owned real estate investment firm that specializes in the acquisition, financing, disposition, and operation of prime commercial assets across the United States. Based out of the Hudson Valley Region in New York, the Birch Group focuses on the retail, office, and industrial sectors. For more, please visit: birchgroupllc.com.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.