Allendale Corporate Center — a six building industrial portfolio — has been refinanced with a $44 million nonrecourse loan, provided by Morgan Stanley, according to a Monday announcement from Black Bear Capital Partners, which helped arranged the 10-year fixed-rate loan on a full-term interest-only basis at approximately 65% loan to value.
Located in Allendale, the Corporate Center spans over 389,000 square feet. Each property within the portfolio features state-of-the-art manufacturing facilities and office/flex space with modern finishes. The Corporate Center also has a high concentration of well-established and nationally recognized tenants, which manufacture medical instrumentation and materials, including: Martab Medical, Bosch/Syntegon Pharma Tech, Alan Baird Industries Inc., Acuitive and Collagen Matrix.
Senior Managing Partner Emil DePasquale of BBCP arranged the financing package.
“We are pleased to place this long-term, 10-year fixed-rate loan at an attractive rate on a full-term, interest-only basis,” DePasquale said, noting that Morgan Stanley worked diligently to close the new financing package, which replaced a $33.5 million existing CMBS loan. “BBCP was able to utilize the quality of the Allendale Corporate Center to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan. It was a tremendous execution despite a volatile market.”
BBCP, which services transactions across all property types, closed numerous complex refinance packages in excess of $750 million year-to-date despite challenging market conditions. The firm, which has offices in New Jersey and Chicago, recently opened an office in Florida and continues to expand its national platform and market penetration.
