HFF, a commercial real estate services provider, announced Tuesday that it had secured a $10.5 million refinancing for a Basking Ridge office property.
The Florham Park-based company said in a news release it had placed a five-year, floating-rate loan with OceanFirst Bank on behalf of Lincoln Property Company. The loan covers 180-188 Mt. Airy Road, two office buildings totaling 104,202 square feet.
The pair of two-story multitenant office buildings is situated on 14.4 acres. HFF said 180 Mt. Airy Road was renovated in 2004 and 188 Mt. Airy Road was renovated in 2007.
Director Michael Klein and Associate Director Andrew Roland led the HFF debt placement team representing the borrower.
“The borrower was seeking short-term financing with maximum prepayment flexibility in the event of a sale of the property in the future,” Klein said in the release. “OceanFirst understood the unique tenant mix at the property and was attracted by the strength of the subject’s submarket. As a result, the bank was able to provide an aggressive floating-rate loan that best met the joint venture’s current and future needs.”
OceanFirst is based in Ocean County, while Lincoln Property Company is based in Texas.
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