The basics:

• Bell Works Fort Monmouth refinanced with $60M bridge loan
• Walker & Dunlop arranged, Hudson Bay Capital provided funding
• Former Commvault headquarters 88% leased with strong tenant demand
• Loan supports continued growth of the mixed-use Fort Monmouth component

Bell Works Fort Monmouth secured a $60 million bridge loan, underscoring momentum at the former Commvault headquarters and larger mixed-use Monmouth County campus.

Walker & Dunlop arranged the refinancing on behalf of a joint venture between Inspired by Somerset Development and H.I.G. Realty Partners, the real estate platform of H.I.G. Capital. Hudson Bay Capital provided the funding for the property located at 1 Commvault Way.

Inspired by Somerset Development expanded its metroburb model to Tinton Falls in January 2025. Since, the former Commvault headquarters has gained strong leasing momentum driven by major corporate tenants, while also expanding its retail roster to foster an atmosphere akin to that at its flagship in Holmdel.

The 276,900-square-foot mix of flexible office space, retail, dining, coworking and conference/event space is 88% leased.

Beyond its own rising profile, Bell Works Fort Monmouth sits just down the road from the $1 billion Netflix production studio also coming to the decommissioned U.S. Army base.

The location affords accessibility, near the Garden State Parkway and other major regional highways. In May, it took home Mixed-Use Deal of the Year honors during the Commercial Real Estate Development Association of New Jersey (now CREDA NJ, then NAIOP NJ) Annual Gala.

Walker & Dunlop Senior Managing Director Dustin Stolly said the differentiated mixed-use property continues to demonstrate long-term value creation. “The financing recognizes the strength of the asset’s cash flow today while providing flexibility to support its next phase of growth,” Stolly said.

Earlier this year, Jersey Mike’s Subs leased 72,326 square feet of space to move its headquarters to Bell Works Fort Monmouth, along with 2,286 square feet of retail space for a storefront.

Other tenants on the growing roster include:

• Cyber resilience and data protection company Commvault– 101,878 square feet
• Culinary destination Bell Market – 5,000 square feet
• Accounting and advisory firm Sax LLP– 13,087 square feet
• New Jersey Economic Development Authority, Fort Monmouth Economic Revitalization Authority – 10,998 square feet
• Yoga and pilates studio Soluna Fitness– 8,387 square feet
• Law firm OlenderFeldman LLP – 2,812 square feet
• Global consulting firm Booz Allen Hamilton – 2,116 square feet
• Transportation and logistics company Foley Prep – 1,359 square feet
• Real estate brokerage and media company SERHANT– 1,358 square feet
• Government and municipality data platform Munimatrix Inc.– 719 square feet

“The refinancing of Bell Works Fort Monmouth is a powerful validation of our Metroburb model and the Bell Works brand,” said Ralph Zucker, president and CEO of Inspired by Somerset Development. “By reimagining an underutilized suburban campus as a vibrant mixed-use destination, we’ve created lasting value for investors, tenants, and the community.

“This financing reinforces Bell Works’ role as a catalyst for the continued revitalization of Fort Monmouth.”