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Category ArchiveJordan Roeschlaub

ACORE Lends $97M for JV Purchase of NJ Corporate Center

ACORE Capital provided $97 million to a joint venture of Rubenstein Partners and Vision Real Estate Partners (VREP) to facilitate the acquisition and capitalization of the Morris Corporate Center East & West in Parsippany, N.J., Commercial Observer can exclusively report.

Terms of the financing weren’t disclosed. The loan went towards the acquisition of one of the adjoined office buildings as well as to fund capital improvements aimed at adding amenities and attracting and leasing future tenants at the location.

The financing was arranged by Newmark Knight Frank’s Jordan Roeschlaub and Dustin Stolly, vice chairmen and co-heads of the firm’s debt and structured finance division, along with Managing Director Nick Scribani, sources told CO. NKF declined to comment on the transaction.

morriscorpcenter credit nkf 2 ACORE Lends $97M for JV Purchase of NJ Corporate Center
Entrance to Morris Corporate Center IV. Courtesy: Newmark Knight Frank

“Morris Corporate IV is the newest and highest quality asset within Morris Corporate Center. The superiority of the property, coupled with Rubenstein and Vision’s track record with office repositioning strategies, made this a great lending opportunity for ACORE,” ACORE Managing Director Jason Hernandez told CO. “ We are confident that we have best-in-class local sponsorship and a thoughtful, well-capitalized business plan to make the property the premier option for tenants (both large and small) in the market.”

NKF—out of it’s New Jersey office—also represented Intercontinental Real Estate Corporation and Ivy Realty in the sale of the property, which is also referred to as “Morris Corporate Center IV phase two.” Intercontinental and Ivy first purchased the building from MetLife in 2015, Globe Street reported in January.

Rubenstein and Vision purchased the other building in the assemblage—called “Morris Corporate Center IV phase one”—from SJP Properties, which is the original developer of the buildings, and Northwestern Mutual earlier this year. Cushman & Wakefield brokered the deal for the sellers and announced the transaction on February 28.

Built in 2000, according to the campus’ website, the two four-story office buildings are a combined 702,707 square feet and are situated at 389 & 399 Interpace Parkway within the Morris Corporate Center campus. The buildings are connected by a large, glass atrium lobby. “Morris Corporate Center IV phase one” is currently 71 percent occupied by four tenants, including U.K.-based Reckitt Benckiser and New Jersey-based management services company Skanska USA Building, Inc., according to information from C&W.

A spokeswoman for Rubenstein Partners did not immediately return a request for comment. Vision Real Estate Partners declined to comment on the deal.

Source: commercial

Atrium Health Wraps Up $50M Refinancing for NJ Senior-Care Campuses

Atrium Health & Senior Living has secured a $50 million loan to refinance a group of senior-care facilities in New Jersey, according to an announcement from Newmark Knight Frank, which arranged the financing on behalf of the borrower.

NKF declined to identify the lender, but sources close to the deal named New York-based Stabilis Capital Management as the institution responsible for the loan.

The debt takes the form of a short-term financing that will function as an interim loan before a longer-term financing can be arranged from the Department of Housing and Urban Development, an instrument known as a “bridge-to-HUD” loan, according to NKF.

“This transaction to facilitate the refinancing of this portfolio is a win-win scenario,” Jordan Roeschlaub, who co-led NKF’s team for the transaction along with Dustin Stolly, said in a statement. “These facilities are crucial to the Princeton community and the residents that depend on them, so we are thrilled to have facilitated the refinancing for an excellent owner and operator such as Atrium.”

The pair of campuses, at 1000 Windrow Drive, in Princeton, and 38 and 40 Freneau Avenue, in Matawan, comprise four buildings with 450 units or beds. Atrium provides a mix of assisted living, skilled nursing and memory care—that is, healthcare for those with degenerative illnesses like Alzheimer’s disease.

Daniel Fromm, who was on the NKF team, said that it wasn’t difficult to find a willing lender to refinance what he described as an outstanding facility.

These facilities are “the best in class, the gem, the crown jewel in this market, and the sponsor [Atrium] is top notch,” Fromm said in an interview. “That’s the most important thing.”

Requests for comment to Atrium and Stabilis were not returned.

Source: commercial

225-233 Park Avenue South Latest NYC Loan to Hit CMBS Market

Source: commercial