JLL secures $23.5M loan to refinance Bridgewater offices

JLL Capital Markets announced Tuesday it has completed the refinancing of the Somerset Corporate Center IV in Bridgewater.

JLL said it secured a $32.5 million refinance from Sterling National Bank for the 310,000-square-foot center on behalf of the owners, SJP Properties and PGIM Real Estate.

Jonathan Schwartz, managing director; Aaron Appel, vice chairman; Brett Rosenberg, executive vice president; and Douglass Baillie, associate; led the JLL team on the refinancing.

“Somerset Corporate Center is widely known as the premier corporate headquarters location in Central New Jersey,” Schwartz said. “The property is centrally located within one of the country’s strongest corridors for the pharmaceutical and technology sectors.”

The center is located at 400 Somerset Corporate Blvd. and is part of the Somerset Corporate Center. The complex was built in 2001 and comprises five Class A office buildings totaling more than 1.25 million square feet. The center is within close proximity to Interstates 287, 78 and routes 202, 206, 22 and 28.