CBRE announced that it has arranged $58 million in refinancing for 101 and 103 JFK Parkway, a two-building, 320,000-square-foot Class A office campus located in Short Hills.
Brad Zampa and Mike Walker of CBRE’s Debt & Structured Finance team in San Francisco arranged the financing on behalf of Columbia Pacific Advisors. The five-year, floating-rate loan was provided by an East Coast-based institutional real estate lender.
“This refinancing reflects renewed liquidity and growing confidence in the office sector as return-to-office mandates gain traction,” said Zampa, executive vice president at CBRE. “Despite the complexity of the transaction, the sponsor’s reset basis, extensive experience in value-add assets and their significant capital commitment resulted in a successful execution, which will allow the sponsor to further stabilize the asset.
“CBRE ran a competitive financing process that attracted multiple bids from a cross section of lenders at differing pricing and leverage levels.”
The property is 95% leased to investment-grade tenants in professional and financial services. Amenities include a fitness center with locker rooms and showers, a yoga and meditation room, a full-service cafeteria and private shuttle service to NJ Transit’s Summit Station. Strategically located across from The Mall at Short Hills, the property offers immediate access to major highways and NJ Transit rail service.
Additionally, the property is in a highly affluent and educated neighborhood of Short Hills, surrounded by major corporations, new Class A apartments, retail and destination shopping and hotels. Average household income exceeds $250,000, and median home values are above $1.6 million, underscoring the strength and stability of the local market.
