Located in Somerset County and offering a range of services, the Bedminster Medical Plaza is a 38,925-square-foot medical office building situated on nearly 4 acres within the Route 78 Office submarket.
And on March 28, JLL Capital Markets announced it arranged $8.1 million refinancing for the two-story property located at 1 Robertson Drive on behalf of the borrower, DGLV Properties LLC.
The firm secured the 10-year, fixed-rate loan through National Life Group. 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.
Bedminster Medical Plaza at 1 Robertson Drive in Bedminster. – JLL
“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,” Custer said in a statement. “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.”
Bedminster Medical Plaza is 85% occupied by 13 tenants, according to JLL. Medical services available at the property include, radiology, optometry, family and cosmetic dentistry, orthodontics, oral surgery, orthopedics and sports medicine, chiropractic, neurology, physical therapy and rehabilitation.
There are more than 59,000 residents — 35% of whom are 55 or older — within a 5-mile radius of the property, according to JLL, and the average household income is $204,458. The building is 14 miles from Atlantic Health System’s Morristown Medical Center, 8 miles from RWJ University Hospital in New Brunswick and less than 6 miles from the Matheny Medical and Education Center in Peapack Gladstone. It is accessible via area highways, Interstates 287 and 78, and Route 202.
