Citigroup led a $210 million commercial mortgage-backed securities (CMBS) debt package for the refinancing of a New Jersey mixed-use office asset, Commercial Observer has learned.
The Wall Street bank spearheaded the 10-year, full-term, interest-only CMBS loan with a syndicate of lenders for Adarsan Holdings Limited and Somerset Development’s Bell Works property in Holmdel, N.J. Meridian Capital Group’s Drew Anderman, Alan Blank and David Bollag arranged the transaction.
“We’re extremely excited to secure this loan, which will fuel Bell Works’ ongoing evolution as one of the most innovative and desirable commercial destinations in New Jersey and the Northeast,” Ralph Zucker, president of Somerset Development, said in a statement.
Located at 101 Crawfords Corner Road, Bell Works’ tenants comprise a variety of businesses including Fortune 500 companies and early-stage startups. In 2019, 16 new tenants were welcomed to the office complex including national tax advisory firm CohnReznick, financial services company Edward Jones, software company Avlino and Beverage Works.
Bell Work also features an indoor pedestrian street consisting of shops, restaurants, entertainment and health care services. And the building hosts networking events, corporate gatherings, fitness classes on the roof deck and a weekly farmers market.
“The sponsorship successfully redeveloped Bell Works into a vibrant mixed-use property that provides excellent amenities to both the tenants working at the property as well as the surrounding community,” Meridian’s Anderman said in a statement. “This long-term financing provided the sponsorship with full-term interest-only debt and allowed them to return some equity given the tremendous success of this property.”