$30.01M acquisition financing secured for 180 Park Ave in New Jersey

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.

Working on behalf of a joint venture between Vision Properties and The Birch Group, JLL placed the three-year, floating-rate acquisition loan through CBRE Global Investors.

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.