FREEHOLD—A loan from Procida Funding’s 100 Mile Fund has enabled Freehold Commons and its broker, CBRE, to bring the office development site from 10 percent to over 50 percent leased in less than one year.
Procida negotiated a discount from the original lender, provided funding for improvements, including construction of a classical lobby and entrance, and designed a marketing plan for the project.
“The recapitalization of half-built projects is imperative to clearing all of the inventory on the market,” said John Mullane, principal at Procida Funding. “Acquiring properties at the right price, using value engineering to keep construction costs down, and working with the borrower in repositioning the asset are exactly the type of projects our 100 Mile Fund targets.”
Recent leases at Freehold Commons include 5,670 sq. ft. to Hobby Publications and 1,995 sq. ft. to Sterne Agee.
Freehold Commons is a 40,000- sq.-ft. office development located at 83 South Street in Freehold, two blocks from Monmouth County’s court house complex and walking distance from downtown Freehold. 17,746 sq. ft. are currently available, with divisible spaces as small as 1,500 sq. ft. The property is marketed by Suzanne Macnow and Patricia A. Riedel of CBRE’s East Brunswick Office.