News release

Northern New Jersey office building acquisition financed with $29.9M loan

JLL Capital Markets arranged the loan for the Class A office building within the Giralda Farms Office Park in Madison

October 14, 2021

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

MORRISTOWN, N.J., Oct. 14, 2021 – JLL Capital Markets announced today that it has arranged $29.9 million in acquisition financing for 7 Giralda Farms, a three-story, 236,809-square-foot, Class A office building in Madison, New Jersey.

JLL worked exclusively on behalf of the borrower, a joint venture between Bergman Real Estate Group and an affiliate of Eightfold Real Estate Capital, to place the four-year, floating-rate bridge loan with Shem Creek Capital.

Constructed in 2000, 7 Giralda Farms features a three-story atrium, flexible floor plates to accommodate large or small users and a full amenity package that includes a full-service fitness center and café, outdoor patio seating, 606 below-grade covered parking and 56 surface parking spaces for visitors. The institutional-quality building is currently 59 percent leased to Prudential Financial and Leo Pharmaceuticals.

The borrower plans to implement an aggressive capital improvement plan that will update and modernize the building. The plan includes upgrading the lobbies, restrooms, café and fitness center, as well as the addition of new amenities.

7 Giralda Farms is situated on 20 acres within the premier Giralda Farms Office Park, a 310- acre campus featuring 1.15 million square feet of office space across seven office buildings. The property is located in the heart of Morris County near Route 24 and Interstates 78 and 287, providing unparalleled access to the nearby affluent communities and variety of high-end shops and restaurants. Additionally, the office building is less than 30 miles from New York City.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Directors Michael Klein and Greg Nalbandian and Analyst Gerard Quinn.

“Our client acquired this off-market transaction at a very attractive basis in the highly desirable Giralda Farms Office Park,” Nalbandian said. “There was considerable lender interest for this value-add financing, which demonstrated there is strong liquidity for well-capitalized sponsors with sound business plans."

“Shem Creek Capital did an outstanding job from the onset understanding the opportunity and tailoring the loan to meet the joint venture’s objectives,” Klein added.

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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Bergman Real Estate Group

Bergman Real Estate Group is an entrepreneurial, family-owned real estate firm specializing in the acquisition, ownership, management, leasing and construction supervision of office buildings and commercial properties.

Since its formation in 1988, Bergman Real Estate Group has solidified a reputation as a credible owner/operator of multi-tenanted office buildings throughout New Jersey and other select markets.