JLL arranges $18.8M financing for Central NJ office building
23 Christopher Way is home to the U.S. Department of Veteran Affairs
MORRISTOWN, N.J., April 21, 2020 – JLL Capital Markets announced today that it has arranged an $18.8 million refinancing for 17 & 23 Christopher Way in Eatontown, New Jersey. 17 Christopher Way is a single-story, 45,475-square-foot office/flex building that is notably leased to Industrial Controls and FirstService Residential. Neighboring 23 Christopher Way is a four-story, 80,207-square-foot office property that will be fully leased to the U.S. Department of Veteran Affairs.
JLL worked on behalf of the borrower, Donato Group, to secure the 10-year, fixed-rate loan with Ocean First Bank.
17 & 23 Christopher Way were constructed by the borrower, The Donato Group, in 2001. Both assets are located within in the Eatontown Business Park, a four million-square-foot mixed-use development. Ingress and egress to the Eatontown Business Park is provided from Industrial Way East/West, which is accessed from Route 35. These roadways link to Route 36, which connects to the Garden State Parkway and NJ State Route 18, two major north/south regional arteries.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Associate Andrew Zilenziger.
“JLL is pleased to have represented the Donato Group once again to refinance these assets,” Klein stated. “The expansion of the VA into a full building for a 15-year lease term provides long term stability at the two-building complex and demonstrates the high-quality asset that the Donato Group owns and the strength of its management team to secure such a commitment from a GSA tenant. Ocean First previously had the loan on the properties and was eager to structure a new long-term loan that would allow the bank to keep these historically well-occupied properties on its books for years to come.”
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 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.
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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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Donato Group
The Donato Group is a 70+ year old real estate development, management and construction firm based in Eatontown, New Jersey. The company has established an expertise in the development and management of office, high-tech and industrial properties throughout Monmouth County with a significant concentration in the Industrial Way Micro market where the company originally developed many of the properties still in its portfolio today from farm land in the 1970s. The company was founded by the late John Donato Jr. and is managed today by his son, Corbett Donato.