A West Orange medical office building has been refinanced in a deal arranged by JLL Capital Markets.
JLL said in a news release that it had brokered the deal for the Atkins Kent Medical Building, a 120,501-square-foot medical office property, on behalf of the Atkins Cos. JLL arranged the fixed-rate loan through an undisclosed national insurance company. The amount of the refinancing also was not disclosed.
The building at 101 Old Short Hills Road is across from Saint Barnabas Medical Center, and was 100% occupied at the time of the closing, including 42% leased to Saint Barnabas parent RWJBarnabas Health and its affiliates.
The team representing the borrower was led by Michael Klein, senior managing director, and Max Custer, associate.
“The Atkins Kent Medical Building has been one of northern New Jersey’s premier medical office buildings since its construction in the ’80s, given its location directly across the street from the growing Saint Barnabas Medical Center, the area’s exceptional demographics and the building’s proximity to a strong highway infrastructure,” Custer said in a prepared statement.