Reynolds Asset Management began upgrades at Princeton Pike Office Park after acquiring the property in partnership with investors Capital Solutions in 2022. Now, it has secured a $16 million loan to refinance the six-building complex.

Paramus-based Reynolds said June 4 it worked with lenders at Northwest Bank to refinance the original acquisition loan over a five-year term with a 6.60% fixed rate. Northwest also provided financing for the initial purchase.

In a statement, Reynolds founder and CEO Lou Reynolds recounted efforts leading to this point. “Working closely with Lawrence Township, our partners, and the property’s existing tenants over the past two years, we’re proud to have improved the property and increased occupancy, leading to the successful stabilization of the property,” he said.

When the investment and development firm acquired the property, it was about 50% vacant. Working with Newmark Group, Reynolds said it relocated and consolidated as well as signed renewals and expansions with current office tenants into three of buildings. All were updated with new flooring, ceilings, walkways, bathrooms, interior and exterior LED lighting, fresh exterior paint and signage. In addition to updated landscaping, parking lots also received repairs.

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Currently, Reynolds pegs occupancy at above 95%.

“Having worked with Reynolds on the acquisition loan, we immediately saw the team’s dedication to the revitalization of the site,” commented Abe Ibrahim, commercial banking executive at Pennsylvania-based Northwest Bank. “We share in their vision of creating a welcoming, sought-after office space and one that will attract new tenants in the years to come.”

Newmark East Brunswick Managing Director Rob Loderstedt, who executed new leases and tenant activity at Princeton Pike, highlighted Reynolds’ work at the property. “As Reynolds continues to breathe new life into this development, we’re excited to further our collaboration, and bring in new tenants to the site,” he said.

A blank CANVAS

Reynolds’ work at Princeton Pike is ongoing.

According to the firm, the stabilization and refinancing sets up further redevelopment. Meanwhile, consolidating tenants at the property offers the opportunity to reimagine office space that – like elsewhere – is no longer relevant.

In December, Lawrence Township designated Princeton Pike as in need of redevelopment. There, Reynolds plans to introduce live-work-play experience, CANVAS. The community will feature 17,000 square feet of retail space with a promenade, restaurants, “community-centric options” and residential units.

“This redevelopment project meets the very essence and purpose of the NJ Local Redevelopment and Housing Law,” Lawrenceville Township Manager and Director of Community Development Kevin Nerwinski said at the time.

“The project will eliminate old, underperforming, and unoccupied office buildings and replace them with new and beautiful residential rental opportunities meeting critical housing needs for those seeking to stay or become a new member of the community,” said Nerwinski, an advocate for the project. “The commercial use portion of the project will bring a retail element to an area of our community that is presently non-existent. It expands our business community and enhances the options for those who live and work here. It is a win-win for Lawrence Township in the most classic sense.”

All about location

The mix of apartments will include one-, two- and three-bedroom options. Footprints range from 810 square feet to 1,260 square feet, according to a December announcement from Reynolds. Other amenities set for CANVAS include:

• Luxury clubhouse
• Coworking space
• Fitness center
• Secure mail and package room
• Private pool
• Interior courtyard
• Dog park and wash
• EV charging stations

Work is set to start this fall, with delivery expected in 2026.

Located at 3131 Princeton Pike, a joint venture with investment firm Capital Solutions, Reynolds and others are behind CANVAS.

“Our team was drawn to this site due to the great sense of community Lawrence Township provides, as well as its incredible geographic location, just south of Princeton and equidistant from New York City and Philadelphia,” said founder and CEO Reynolds at the end of 2023. “As a community largely made up of single-family homes with limited options for young professionals or older residents looking to downsize, CANVAS will provide an option for these people and others who are drawn to the area in the same way we were.”