$11.4M refinancing secured for New Jersey office buildings
JLL Capital Markets led financing efforts for 310 and 322 Highway 35 South
MORRISTOWN, N.J., July 27, 2021 – JLL Capital Markets announced today that it has arranged an $11.4 million refinancing for 310 and 322 Highway 35 South, two three-story office buildings totaling 79,022 square feet in Red Bank, New Jersey.
310 and 322 Highway 35 South are located approximately 1.5 miles from downtown Red Bank in the Eastern Monmouth County Office submarket. This location is convenient to the Garden State Parkway and the Red Bank Train Station, which offers service to New York Penn Station.
310 Highway 35 South was completed in 2002 and offers 40,705 square feet. The property is fully leased to Markel Service, Inc., which is a global holding company for insurance, reinsurance and investment operations (Moody’s: Baa2 and S&P: BBB). Completed in 2007, 322 Highway 35 South has 38,317 square feet and is 90 percent leased to five tenants.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Analyst Carlos Silva.
“We appreciate Denholtz Properties putting their trust in us once again,” Klein said. “Tristate Capital was very familiar with the asset, the tenancy and overall market, enabling them to provide competitive loan terms that best met the borrower’s needs.”
“We thank JLL for their work in securing this refinancing, as it will provide us with additional capital to reinvest in our current portfolio and enhance our ability to aggressively pursue acquisition targets throughout N.J. and the southeastern United States,” added Steven Denholtz, CEO of Denholtz Properties.
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 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 Denholtz Properties
Denholtz Properties is a privately held, vertically integrated commercial real estate investment and development company with a diversified portfolio of assets in strategic markets. Based in Red Bank, N.J. with a regional headquarters in Orlando, Fla., Denholtz Properties specializes in the acquisition and development of ground-up multifamily, industrial/flex and office properties.
Driven by an entrepreneurial spirit and a commitment to excellence, Denholtz Properties has continuously evolved over its 70-year history to consistently provide outsized investment returns. Additional information for Denholtz Properties is available online at denholtz.com.