JLL arranges $11.4M refinancing for Red Bank office buildings

JLL Capital Markets has arranged a refinancing for a pair of office buildings in Red Bank, it announced Tuesday.

The $11.4 million refinancing covers buildings at 310 and 322 Highway 35 S., a pair of three-story properties totaling 79,022 square feet. JLL worked on behalf of Denholtz Properties to secure the seven-year, fixed-rate loan with Tristate Capital Bank.

The team representing the borrower included Michael Klein and Jon Mikula, senior managing directors, and Carlos Silva, analyst.

“We appreciate Denholtz Properties putting their trust in us once again,” Klein said in a prepared statement. “Tristate Capital was very familiar with the asset, the tenancy and overall market, enabling them to provide competitive loan terms that best met the borrower’s needs.”

The building at 310 Highway 35 S. is 40,705 square feet and is fully leased to Markel Service Inc., a global holding company for insurance, reinsurance and investment operations. The building at 322 Highway 35 S. is 38,317 square feet and is 90% leased to five tenants.

“We thank JLL for their work in securing this refinancing, as it will provide us with additional capital to reinvest in our current portfolio and enhance our ability to aggressively pursue acquisition targets throughout New Jersey and the southeastern United States,” Steven Denholtz, CEO of Denholtz Properties, said in a statement.