Allendale Corporate Center in Allendale — Courtesy: Black Bear Capital Partners
By Joshua Burd
The owner of nearly 390,000 square feet of flex commercial space in Allendale has refinanced the portfolio for $44 million, in a newly announced deal by Black Bear Capital Partners.
According to the advisory firm, Morgan Stanley provided the 10-year, fixed-rate financing at a loan-to-value ratio of roughly 65 percent. BBCP Senior Managing Partner Emil DePasquale represented the borrower, Allendale Corporate Center LLC, in sourcing the nonrecourse loan, noting that the portfolio spans six buildings that are home to health care-oriented tenants such as Martab Medical, Syntegon Pharma Technology LLC and Alan Baird Industries.
Allendale Corporate Center, which includes manufacturing and office and flex space on Commerce Drive and Boroline Road, sits just west of Route 17.
“We are pleased to place this long-term, 10-year fixed-rate loan at an attractive rate on a full-term interest-only basis,” DePasquale said, noting that the Morgan Stanley replaced a $33.5 million existing CMBS loan. “BBCP was able to utilize the quality of the Allendale Corporate Center to achieve a highly favorable and flexible structure consistent with borrower’s individualized business plan. It was a tremendous execution despite a volatile market.”