322 Route 35 South in Red Bank — Courtesy: JLL
By Joshua Burd
Denholtz Properties has secured more than $11 million to refinance a two-building office portfolio in Red Bank, in a newly announced transaction by JLL.
According to the brokerage team, Tristate Capital Bank is providing the seven-year, fixed-rate loan for the properties at 310 and 322 Route 35 South. The deal comes two years after Denholtz purchased the buildings, which total 79,022 square feet and sit about a mile and a half from downtown Red Bank, for $14.8 million.
JLL senior managing directors Michael Klein and Jon Mikula and Analyst Carlos Silva sourced the $11.4 million loan on the borrower’s behalf.
“We appreciate Denholtz Properties putting their trust in us once again,” Klein said. “Tristate Capital was very familiar with the asset, the tenancy and overall market, enabling them to provide competitive loan terms that best met the borrower’s needs.”
In announcing the deal, JLL noted that 310 and 322 Route 35 South were completed in 2002 and 2007, respectively. The former, which measures 40,705 square feet, is fully leased to Markel Service Inc., while the latter is 90 percent leased to five tenants.
Both are minutes from the Garden State Parkway and the Red Bank train station.
“We thank JLL for their work in securing this refinancing, as it will provide us with additional capital to reinvest in our current portfolio and enhance our ability to aggressively pursue acquisition targets throughout (New Jersey) and the southeastern United States,” Denholtz Properties CEO Steven Denholtz said.