NEW JERSEY—HFF has worked on behalf of MRY Associates and Normandy Real Estate Partners to arrange financing for Summit Executive Center, a 62,188-sq.-ft., newly constructed office property located at 1 Deforest Ave. in Summit, N.J. HFF secured the 10-year, fixed-rate permanent loan through Cantor Commercial Real Estate (CCRE).
Loan proceeds are taking out an existing construction loan that HFF had previously arranged.
The HFF team representing MRY Associates and Normandy Real Estate Partners was led by Senior Managing Director Jon Mikula.
Completed in 2012, Summit Executive Center is currently fully leased to tenants that include Pennant Capital Management, Merrill Lynch Wealth Management and Callan Associates, among others. The property is LEED-Certified and includes a two-level, 196-space parking garage.
The property offers close proximity to Interstate 78, Route 4 and The Summit Train Station.
