4 Industrial Way West in Eatontown — Courtesy: HFF
By Joshua Burd
The owner of an office building in Eatontown has refinanced the property for $8.8 million, in a transaction arranged by brokers with HFF.
The capital markets firm announced that it worked on behalf of the borrower, The Donato Group, to secure the loan for 4 Industrial Way West, a 79,258-square-foot property within the Eatontown Business Park. First Bank provided the seven-year, fixed-rate loan.
The HFF debt placement team included Managing Director Michael Klein, who touted the building’s location three miles from the Garden State Parkway, two miles from Route 18 and 10 miles from Interstate 195. Terrance R. Howard, senior vice president and market executive in First Bank’s commercial lending group, represented the financial institution.
“HFF is pleased to have placed another loan on behalf of The Donato Group within the Eatontown Business Park,” Klein said. “Given the quality and high occupancy of the building and the borrower’s long-term experience in the market there was significant interest in the deal from local and regional banks.
“First Bank was a great fit for The Donato Group and performed flawlessly on its execution of the closing.”
HFF noted that 4 Industrial Way West, a three-story property, is 98 percent leased to nine tenants such as Wayside Technology Group Inc., Clinilabs Inc. Polaris Alpha and The Memory Enhancement Center of America. The borrower, which originally developed the property in 1988, owns some 1.1 million square feet of office, light industrial and medical buildings in the market.