101 and 103 JFK Parkway in Short Hills — Courtesy: CBRE
By Joshua Burd
Columbia Pacific Advisors has closed on $58 million in financing for a two-building, 320,000-square-foot office campus in the Short Hills section of Millburn.
Brokers with CBRE arranged the transaction in connection with the properties at 101 and 103 JFK Parkway, noting that an East Coast-based institutional real estate lender provided the five-year, floating-rate loan. The deal allows Columbia to refinance the portfolio, which is 95 percent leased to investment-grade tenants in professional and financial services and has amenities such as a fitness center with locker rooms and showers, a yoga and meditation room, a full-service cafeteria and private shuttle service to NJ Transit’s Summit station.
It’s also across from The Mall at Short Hills and easily accessible from several nearby major highways.
“This refinancing reflects renewed liquidity and growing confidence in the office sector as return-to-office mandates gain traction,” said Brad Zampa, an executive vice president at CBRE. “Despite the complexity of the transaction, the sponsor’s reset basis, extensive experience in value-add assets and their significant capital commitment resulted in a successful execution, which will allow the sponsor to further stabilize the asset. CBRE ran a competitive financing process that attracted multiple bids from a cross section of lenders at differing pricing and leverage levels,”
Zampa and Mike Walker, part of a debt and structured finance team based in San Francisco, sourced the financing on the borrower’s behalf. They noted the campus is part of a highly affluent and educated submarket and surrounded by major corporations, new upscale apartments, retail destinations and hotels, underscoring the strength and stability of the region.
“The successful $58 million refinancing for 101 and 103 JFK Parkway was an outstanding collaborative effort,” said Chais Lowell, senior vice president for real estate at Columbia Pacific Advisors. “Our best-in-class team including Brad Zampa; our investment partner, Jeff Rakow; our property manager, Lyndsey Linder; legal counsel, Adam Coady; and the exceptional team behind the scenes, supported the flawless execution of a complex transaction.”
