5 Wood Hollow Road in Parsippany — Courtesy: JLL
By Joshua Burd
The recent buyer of a Parsippany office building has secured more than $30 million in bridge financing, under a newly announced transaction by JLL.
Brokers with the firm represented the borrower, PAG Investments, to arrange the $31.12 million loan for the 330,631-square-foot property at 5 Wood Hollow Road. Prime Finance is providing the three-year, floating-rate loan, which has two one-year extension options.
The JLL capital markets team of Senior Managing Director Michael Klein and Associate Andrew Zilenziger led the assignment. According to a news release, the borrower will use the proceeds to complete its acquisition and fund future capital expenditures and leasing advances.
“JLL is pleased to have represented PAG Investments once again to secure acquisition financing for its rapidly growing commercial real estate portfolio,” Klein said. “With its attentive management and leasing efforts and an extensive capital expenditure program, PAG will quickly be able to turn this asset into a true Class A building and attract and retain tenants that will stabilize and maintain a high occupancy for years to come.”
Sitting on nearly 23 acres, 5 Wood Hollow Drive sits at the nexus of interstates 80 and 287. The three-story, 65 percent-leased building features average floor plates of 117,000 square feet, an atrium lobby, a full-service cafeteria, fitness center, conference facilities and ample parking.