Cushman & Wakefield announced on Monday it served as the advisor to ML7 in procuring $19.5 million to refinance an office property in Princeton.
The 101,489-square-foot Class A property is located at 750 College Road East. It recently underwent renovations and is 100% occupied.
C&W’s Equity, Debt & Structured Finance team of Gideon Gil, Sridhar Vankayala, Zachary Kraft and Maya Steinberger represented the borrower. The loan was provided by Univest Bank and Trust.
“We congratulate ML7 and Univest on the closing of this re-financing. This process commenced post-COVID and is a testament to the strength of this asset, as well as all the parties involved in this process, that we achieved such a seamless execution,” Gil said. “ML7’s strong sponsorship coupled with steady fundamentals in the Princeton office market led Univest Bank and Trust to put forth a compelling financing package that emphasized their understanding of the client’s long-term goals.”
Located just off Scudders Mill Road, the property is within close access to New York City and Philadelphia.
“Univest demonstrated a real understanding of the Princeton market and a commitment to an excellent lender-borrower relationship. We look forward to growing that relationship into the future,” added Jeffrey Siegel, President of ML7.