FLORHAM PARK, NJ - HFF announced today that it has secured $13.9 million in financing for 17 and 23 Christopher Way, a 45,475-square-foot office/flex building and adjacent 79,053-square-foot mid-rise office building located within the four million-square-foot Eatontown Business Park in Eatontown, New Jersey.
HFF worked on behalf of The Donato Group to secure a $12.7 million, seven-year, fixed-rate first mortgage and a $1.2 million line of credit through OceanFirst Bank. The loan will be used to refinance existing debt on the property and provide a working line of capital for upcoming tenant improvements and leasing commissions.
17 and 23 Christopher Way, which were developed by the borrower in 2000, are located just off Route 35 less than three miles from the Garden State Parkway, Route 36 and Route 18. The property is 97 percent leased to tenants including Wentworth Property Management Corp., Industrial Controls, Cohn Reznick and Nuance Communications, Inc.
The HFF team representing the borrower was led by director Michael Klein.
“The high-quality finish of the assets coupled with the size of the borrower’s portfolio within the submarket and their local market expertise help ensure that these properties are always highly occupied,” said Klein. “OceanFirst Bank provided personal attention with a customized loan solution that best met The Donato Group’s needs.”
The Donato Group is a more than 45-year-old real estate development, management and construction firm based in Eatontown, New Jersey. The group has developed an expertise in the development and management of office, high-tech and industrial properties in Monmouth and Ocean Counties in New Jersey. The company was founded by the late John Donato, Jr. and is managed today by his son Corbett Donato. The Donato Group currently has a portfolio of approximately 850,000 square feet throughout the region. Its intimate knowledge of the market and the size of its portfolio makes the firm a premier owner and manager in the area.
OceanFirst Bank is a full-service community bank headquartered in Ocean County, New Jersey and provides commercial and residential financing as well as checking, savings and online services to retail and business clients throughout the region.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.