JLL Capital Markets on Monday announced it arranged $31.12 million in financing for a 330,631-square-foot office building in Parsippany.
JLL worked on behalf of the borrower, PAG Investments, to secure the three-year, floating-rate loan with Prime Finance. The bridge loan has two, one-year extension options and proceeds will be used to acquire the property and fund future capital expenditures and leasing advances.
Located at 5 Wood Hollow Drive, the property is located on 22.99 acres at the Interstate 80 and 287 interchange in northern Parsippany. The three-story building features average floor plates of 117,000 square feet, an atrium lobby, a full-service cafeteria, fitness center, conference facilities and ample parking.
The JLL Capital Markets team representing the seller included Senior Managing Director Michael Klein and Associate Andrew Zilenziger.
“JLL is pleased to have represented PAG Investments once again to secure acquisition financing for its rapidly growing commercial real estate portfolio,” said Klein. “With its attentive management and leasing efforts and an extensive capital expenditure program, PAG will quickly be able to turn this asset into a true Class A building and attract and retain tenants that will stabilize and maintain a high occupancy for years to come.”