Northern N.J. medical office building gets refinancing

FLORHAM PARK, N.J., December 21, 2020 – JLL Capital Markets announced today that it has arranged refinancing for the Atkins Kent Medical Building, a 120,501-square-foot medical office building in West Orange, New Jersey.

JLL worked on behalf of Atkins Companies, to secure the fixed-rate loan through a national life insurance company.

The Atkins Kent Medical Building is located at 101 Old Short Hills Rd. immediately adjacent to the RWJ Barnabas Health Headquarters and across the street from Saint Barnabas Medical Center, a 597-bed acute care hospital. In addition to its proximity to a premier health network, the property is convenient to Interstate Highways 280 and 78 and U.S. Highways 24 and 10 providing regional connectivity throughout New Jersey.

Due to the property’s strategic location, Atkins Kent Medical Building has served as an ideal site for medical practices for the past three decades. At the time of closing it was 100% occupied with 42% of the building leased to RWJ Barnabas Health and its affiliates.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Associate Max Custer.

“The Atkins Kent Medical Building has been one of Northern New Jersey’s premier medical office buildings since its construction in the 80’s given its location directly across the street from the growing Saint Barnabas Medical Center, the areas exceptional demographics and the building’s proximity to a strong highway infrastructure,” said Custer. 

“As a result of the building’s outstanding merits, the borrower has maintained high 90’s occupancy since the property’s inception and JLL was able to secure an extremely attractive interest rate for a long-term loan with one of its correspondent life company relationships.  We are extremely pleased about the execution we were able to deliver for the Atkins Companies,” added Klein.

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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