Joint Venture receives $14.138M loan for Princeton office purchase
JLL Capital Markets led efforts for the acquisition and repositioning financing of 500 College Road East
MORRISTOWN, N.J. – Feb. 3, 2020 – JLL Capital Markets announced today that it has arranged $14.138 million in acquisition financing for 500 College Road East, a 159,227-square-foot, Class A office building in Princeton, New Jersey.
JLL worked exclusively on behalf of Bergman Real Estate Group, Eightfold Capital, and Hornig Capital Partners, to secure the three-year, floating-rate bridge loan through Amherst Capital Management, led by Managing Director Gabe Boyar.
500 College Road East is located on a 15-acre site within Princeton University’s prestigious 2,200-acre Princeton Forrestal Center business park. The Princeton office market is anchored by Princeton University, in the heart of New Jersey’s “Einstein Alley” between New York City and Philadelphia. Princeton is a popular location for corporations and residents alike, making it one of the most desired and resilient corporate office markets in the state.
A four-story property originally constructed in 1984, the building features a three-wing design with 39,800-square foot floor plates, optimally designed for multiple tenancies. Currently, 53% occupied, the sponsor developed a capital improvement plan designed to bring modern, high-quality, and competitive space to the Princeton market. The plan features a refresh of the interior and exterior, as well as updates to the property’s full-service café, fitness center and the addition of a conference room.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Greg Nalbandian, and Vice President Michael Lachs.
“We are pleased to work with Bergman Real Estate once again and excited about our ability to secure the level of proceeds and structure that Bergman and its equity partners needed to execute their business plan,” stated Klein.
“Our client acquired this asset at a very attractive basis in the desirable Princeton submarket,” Nalbandian added. “There was considerable lender interest for this value-add financing demonstrating there is still strong liquidity for well-capitalized sponsors with sound business plans.”
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.
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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 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 Bergman Real Estate
Founded in 1988, Bergman is a privately owned, full-service real estate investment and management company. Bergman currently owns and manages 18 office properties encompassing more than two million square feet of space.