North Jersey medical office building secures $8.1M refinancing

JLL Capital Markets arranged the loan for Bedminster Medical Plaza

JLL Capital Markets arranged an $8.1 million, 10-year, fixed-rate loan for Bedminster Medical Plaza, a 38,925-square-foot medical office space in Bedminster.

JLL worked on behalf of the borrower, DGLV Properties LLC, to refinance through National Life Group.

The two-story medical office building is 85% occupied by 13 tenants specializing in a wide range of medical services, including radiology, optometry, family and cosmetic dentistry, orthodontics, oral surgery, orthopedics and sports medicine, chiropractic, neurology, physical therapy and rehabilitation.

Located at 1 Robertson Drive, Bedminster Medical Plaza is located on 3.9 acres within the Route 78 Office submarket and is just 14 miles south of Atlantic Health’s flagship hospital, Morristown Medical Center, 8 miles north of Robert Wood Johnson University Hospital in New Brunswick and 5.8 miles from the Matheny Medical and Education Center in Peapack-Gladstone. The office is easily accessible to residents of the area via nearby highways, including Interstates 287 and 78 East and Route 202.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jon Mikula, Director Max Custer and analyst Salvatore Buzzerio.

“We are thrilled to have had the opportunity to represent the borrower in arranging long-term fixed-rate financing with one of our correspondent life insurance companies,” Custer said. “The building has been exceptionally maintained by the borrower since acquisition in 2012 and, as a result, there was a tremendous amount of interest among the lending community.”