Bell Works at 101 Crawfords Corner Road in Holmdel — Courtesy: Meridian Capital Group
By Joshua Burd
The owners of the landmark Bell Works complex in Holmdel have secured a $200 million loan to refinance the mixed-use, 1.4 million-square-foot property.
The lender, Square Mile Capital Management LLC, announced Monday that it provided the loan to a joint venture of Somerset Development and Adarsan Holdings. The ownership group will use the proceeds to pay off an existing construction loan and for capital improvements and leasing at the property, which sits at 101 Crawfords Corner Road.
Brokers with Meridian Capital Group, which announced the deal separately, negotiated the financing. That team included Senior Managing Director Drew Anderman, Senior Vice President Josh Berman and Vice President Eli Serebrowski, who are all based in the company’s Manhattan headquarters.
“Having bought the property vacant only four years ago, the sponsorship had a vision that no one else saw — the concept of the ‘metroburb,’ an urban oasis in a suburban setting,” Anderman said. “In an incredibly short period, sponsorship leased nearly 1.4 million square feet of office and retail space.
“Today, with Bell Works nearly 100 percent leased, this refinance allows the sponsorship to finish building-wide capital improvements, fund tenant improvements and leasing commissions, and pay off their existing debt.”
The project, which has repositioned the former Bell Labs research and development campus, is among the region’s most high-profile and ambitious. Somerset Development has preserved the iconic building’s original Eero Saarinen-designed architecture, while modernizing it to create both a hub for office users and an indoor retail destination.
Office tenants include iCIMS, WorkWave, Guardian Life Insurance and Jersey Central Power & Light. The ground-floor retail selection, known as The Block at Bell Works, is lined with shops and restaurants for building tenants and the surrounding community.