Refinancing secured for office building in Monmouth County, NJ
JLL Capital Markets arranged a $9M loan for the well-maintained Eatontown asset
JLL worked on behalf of the borrower, The Donato Group, to secure the loan through TIAA Bank.
The 80,188-square-foot building, known as Meridian Center II, sits on 4.6 acres and is currently 92% occupied by a mix of technology, defense and healthcare-related tenants, including Hackensack Meridian Health, Wayside Technology Group and Altair Health. Originally constructed in 1988, The Donato Group has made significant improvements to the property over the last three years, including refreshes to the lobby, hallways and restroom areas.
Located at 4 Industrial Way West, the Meridian Center II is positioned within the Eatontown Business Park, which totals 2.3 million square feet of prime office, medical and industrial space, and is easily accessible via NJ State Route 35 and Hope Rd. The property is also in close proximity to State Route 36, Route 18 and the Garden State Parkway.
Situated in Monmouth County, the fifth most populous county in New Jersey, the area is home to over 636,000 residents and serves as a bedroom community for many small and mid-size businesses that operate out of the Eatontown Business Park. The area is also just 40 miles from New York City and 60 miles from Philadelphia.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Michael Klein, Director Max Custer and Analyst Gerard Quinn.
“We are grateful for the opportunity to represent The Donato Group once again,” said Klein. “TIAA provided the borrower with very attractive deal terms and a highly competitive rate.”
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 deliver 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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Donato Group
The Donato Group is a real estate development, management, and construction firm based in Eatontown, New Jersey, with more than 60 years of experience in the business. Since their inception in the 1950s, The Donato Group has grown into one of the leading commercial real estate companies in the State. The Donato Group was founded as a general contractor and later added a variety of commercial development services. The company is an experienced developer and manager of office and industrial properties. The company’s focus is on the Monmouth County market, with a significant concentration in Eatontown, where the company developed many of the properties in their portfolio. The company was founded by the late John Donato Jr. and is managed today by his son, Corbett Donato. The Donato Group currently has a portfolio of approximately 1.2 million square feet, primarily located in eastern Monmouth County.