By Joshua Burd
The owner of a Princeton-area office building is refinancing the property for nearly $20 million, under a transaction arranged by brokers with Cushman & Wakefield.
The real estate services firm announced Monday that it represented the borrower, ML7, in sourcing the debt for 750 College Road East in Plainsboro. Univest Bank and Trust is providing the $19.5 million loan for the fully occupied, 101,489-square-foot building.
“We congratulate ML7 and Univest on the closing of this refinancing,” said Gideon Gil, a member of C&W’s equity, debt and structured finance team. “This process commenced post-COVID and is a testament to the strength of this asset, as well as all the parties involved in this process, that we achieved such a seamless execution.
“ML7’s strong sponsorship coupled with steady fundamentals in the Princeton office market led Univest Bank and Trust to put forth a compelling financing package that emphasized their understanding of the client’s long-term goals.”
Gil completed the assignment alongside C&W’s Sridhar Vankayala, Zachary Kraft and Maya Steinberger. They noted that the recently renovated 750 College Road East has served as the headquarters to ALC, a data marketing firm, and TRAC Intermodal, an intermodal equipment provider and chassis pool manager, since 2014 and 2015, respectively.
The property is just off of Scudders Mill Road.
“Univest demonstrated a real understanding of the Princeton market and a commitment to an excellent lender-borrower relationship,” said Jeffrey Siegel, president of ML7. “We look forward to growing that relationship into the future.”