News release

Northern New Jersey medical office building secures $8.1M refinancing

JLL Capital Markets arranged the loan for Bedminster Medical Plaza

March 28, 2022

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

MORRISTOWN, March 28, 2022 – JLL Capital Markets announced today that it has arranged an $8.1 million refinancing for Bedminster Medical Plaza, a 38,925-square-foot medical office space in Bedminster, New Jersey.

JLL worked on behalf of the borrower, DGLV Properties, LLC, to secure the 10-year, fixed-rate loan through National Life Group.

The two-story medical office building is 85% occupied by 13 tenants specializing in a wide range of medical services, including radiology, optometry, family and cosmetic dentistry, orthodontics, oral surgery, orthopedics and sports medicine, chiropractic, neurology, physical therapy and rehabilitation.

Bedminster Medical Plaza is positioned on 3.9 acres within the Route-78 Office submarket at 1 Robertson Drive. The medical office building is centrally located 14 miles south of Atlantic Health’s flagship hospital, Morristown Medical Center, eight miles north of RWJ University Hospital in New Brunswick and 5.8 miles from the Matheny Medical and Education Center in Peapack Gladstone. The office is easily accessible to residents of the area via nearby highways, including Interstates 287 and 78 East and Route 202. There are more than 59,000 residents within a five-mile radius of the property, 35% of which are over the age of 55, and the average household income for the same area is $204,458.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jon Mikula, Director Max Custer and Analyst Salvatore Buzzerio.

“We are thrilled to have had the opportunity to represent the borrower in arranging long term fixed rate financing with one of our correspondent life insurance companies,” said Custer.  “The building has been exceptionally maintained by the borrower since acquisition in 2012 and as a result there was a tremendous amount of interest among the lending community.”

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.