Reynolds Asset Management, in partnership with investors Capital Solutions, secured a $16 million loan to refinance Princeton Pike Office Park in Lawrenceville.
Reynolds acquired the property located at 3131 Princeton Pike in 2022 and, at that time, made significant improvements. At the time, the six-building complex was approximately 50% vacant. In collaboration with Newmark Group, Reynolds relocated, consolidated and signed renewals and expansions of existing office tenants into three of the six buildings, which were all renovated with new flooring, ceilings, walkways, bathrooms, interior and exterior LED lighting, fresh exterior paint and signage. In addition, the office buildings’ parking lots were repaired, and landscaping was updated. Reynolds successfully stabilized the property by boosting occupancy of the three buildings and, today, on account of the work completed, occupancy is over 95%.
In 2023, the Lawrence Township council deemed the office park in need of redevelopment.
Reynolds announced Tuesday that it worked with the lenders at Northwest Bank to refinance the original acquisition loan over a five-year term with a 6.6% fixed rate.
The stabilization of the office park property and refinancing is the first next step in redeveloping the entire site, where the vacant buildings will now be reimagined into CANVAS, a “live-work-play” community with a retail promenade of restaurants and community-centric options, as well as residential units. The full redevelopment of the property is expected to be completed in 2026.
“Working closely with Lawrence Township, our partners and the property’s existing tenants over the past two years, we’re proud to have improved the property and increased occupancy, leading to the successful stabilization of the property,” founder and CEO of Reynolds Asset Management Lou Reynolds said. “Central to Reynolds Asset Management’s mission is investing in communities and this project is a great example of how we’re doing just that here in Lawrenceville.”
“Having worked with Reynolds on the acquisition loan, we immediately saw the team’s dedication to the revitalization of the site,” Abe Ibrahim, commercial banking executive at Northwest Bank, said. “We share in their vision of creating a welcoming, sought-after office space and one that will attract new tenants in the years to come.”
“Reynolds’ unparalleled expertise and professionalism made for a smooth relocation process for the property’s existing office tenants,” Rob Loderstedt, managing director in Newmark’s East Brunswick office, said. “As Reynolds continues to breathe new life into this development, we’re excited to further our collaboration, and bring in new tenants to the site.”
