Bridgewater Business Park — Courtesy: Denholtz Associates
By Joshua Burd
Denholtz Associates has secured a $9.2 million loan to refinance and upgrade an 11-building, 264,000-square-foot flex industrial portfolio in Somerset County, the firm said Thursday.
The five-year loan, provided by Provident Bank, will allow Denholtz to complete extensive improvements to the complex in Bridgewater and Bound Brook. Known as Bridgewater Business Park, the property stretches along Chimney Rock Road and Kearney Street.
Provident Bank Relationship Manager Paul Barrood secured the financing for Denholtz.
The developer and real estate investor owns 11 of the 16 buildings in the park, which sits just off Route 22. Planned renovations now include replacing all parking areas and roofs, as well as façade repairs to each building.
Earlier this year, Denholtz completed the first phase of the renovation plan by replacing all parking surfaces and areas, according to a news release. The remainder of the renovations is expected to be completed by this spring.
“As a New Jersey-based company, we have consistently sought to build long-term relationships with local financial partners, who like us, boast a deep understanding of the local commercial real estate markets,” said Stephen Cassidy, president of Denholtz Associates. “As interest rates continue to hover around historically low levels, we knew that this was the best time to refinance and that Provident Bank was the best equipped financial partner to work with to accomplish that.
“The refinancing will enable us to make long-term investments into this portfolio to position the asset for continued high occupancy well into the future.”
Tenants at the park include Zoned Inc., a baseball training center; The Airsoft Factory, an airsoft facility; and Bridgewater Marble, one of New Jersey’s largest stone fabricators and distributors. The firms enjoy a location near the convergence of routes 202 and 206 and interstates 78 and 287.
