JLL Capital Markets said Feb. 3 it arranged $14.138 million in acquisition financing for 500 College Road East, a 159,227-square-foot, Class A office building in Princeton.
JLL worked exclusively on behalf of Bergman Real Estate Group, Eight Fold Capital, and Hornig Capital Partners, to secure the three-year, floating-rate bridge loan through Amherst Capital Management, led by Managing Director Gabe Boyar.
500 College Road East is located on a 15-acre site within Princeton University’s prestigious 2,200-acre Princeton Forrestal Center business park. The Princeton office market is anchored by Princeton University, in the heart of New Jersey’s “Einstein Alley” between New York City and Philadelphia.
A four-story property originally constructed in 1984, the building features a three-wing design with 39,800-square foot floor plates, optimally designed for multiple tenancies. Currently, 53% occupied, the sponsor developed a capital improvement plan designed to bring modern, high-quality, and competitive space to the Princeton market. The plan features a refresh of the interior and exterior, as well as updates to the property’s full-service café, fitness center and the addition of a conference room.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Greg Nalbandian, and Vice President Michael Lachs.
“We are pleased to work with Bergman Real Estate once again and excited about our ability to secure the level of proceeds and structure that Bergman and its equity partners needed to execute their business plan,” stated Klein.
“Our client acquired this asset at a very attractive basis in the desirable Princeton submarket,” Nalbandian added. “There was considerable lender interest for this value-add financing demonstrating there is still strong liquidity for well-capitalized sponsors with sound business plans.”