JLL Capital Markets on July 8 said it arranged $9 million refinancing for Meridian Center II, a Class A office building in Eatontown.
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 health care-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 W., 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 N.J. State Route 35 and Hope Road. 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 more than 636,000 residents and serves as a community for many small and mid-size businesses that operate out of the Eatontown Business Park. The area is 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.”