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HFF secures $18.5M in refinancing for Class A building in Woodbridge

HFF secures $18.5M in refinancing for Class A building in Woodbridge

Centra, a 110,700-square-foot Class A office building in Woodbridge.

Centra, a 110,700-square-foot Class A office building in Woodbridge. – (HFF)

HFF announced Wednesday that it has secured an $18.5 million refinancing for Centra, a 110,700-square-foot, Class A office building in the Metropark section of Woodbridge.

HFF worked on behalf of Morristown-based The Hampshire Cos. and placed the construction loan with M&T Bank in 2010 for the property’s redevelopment.

The property is located at 100 Wood Ave. South, close to the Metropark Train Station. Key tenants include JP Morgan Chase, MetLife, Grant Thornton and Net App.

HFF’s debt replacement team of Michael Klein, director, and Jon Mikula, senior managing director, represented the borrower.

“When we began marketing the debt, the building was still in lease up at 66 percent occupancy,” Klein said in a prepared statement.  “That quickly changed as JP Morgan Chase and MetLife executed leases taking the building’s occupancy to 95+ percent, further demonstrating the strength of this location and the quality of the asset.”

“M&T Bank was flexible throughout the process and flawlessly executed for the borrower as the deal evolved,” Mikula said in a prepared statement.

 

Source: NJBIZ.com

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