JLL Capital Markets announced on Wednesday it has arranged $59.975 million in financing for the Morris Corporate Center 1 & 2.
The two-building, four-story office complex, which totals 550,000 square feet, is located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center in Parsippany. The 31-acre site sits less than a mile from Interstate 80 and is within close access to Route 46. It features four atrium lobbies, two cafes, a 5,000-square-foot fitness center, two conference areas, an executive boardroom, parking, a pond, seating areas, and a walking path. The center is currently 67% leased.
JLL’s Greg Nalbandian, senior managing director, and Andrew Zilenziger, associate, worked on behalf of the borrower, P3 Properties, to place a four-year, floating-rate acquisition bridge loan through Bridge Investment Group.
“This value-add bridge loan was closed just before the impact of the COVID-19 crisis became widespread,” Nalbandian said. “Bridge distinguished themselves from the onset and executed flawlessly, providing P3 with a very attractive rate at 80% LTC with a future funding facility on a non-recourse basis.”