NEW YORK (April 23, 2015) – Keith Braddish, managing director of NorthMarq Capital’s New York metro based regional office secured a $29.77 million bridge loan the acquisition and repositioning of CenterPointe at Bridgewater, a 331,846 sq.ft. office complex located at 1130, 1140, 1150 and 1160 Route 22 in Bridgewater, New Jersey. This Class “A” suburban office asset is strategically located at the confluence of Interstate 287, Interstate I-78 as well as State Routes 202, 206 and 22.
“American Real Estate Partners (AREP) saw the opportunity to purchase this asset at an enormous discount ($74.58/sq.ft.) to replacement cost as well as providing a unique value add opportunity with upside potential delivered through an extensive capital upgrade and repositioning program,” said Braddish. “The property is in excellent condition and new ownership is going to spend additional Cap-Ex dollars to further increase the property’s marketability. JLL has been on-site since MetLife foreclosed on the asset in 2012 and will directly benefit from new ownership with equity capital to infuse into the asset. Pacific Coast Capital Partners (PCCP) provided a tailor-made bridge facility for the borrower to acquire and reposition the property with future funding for Cap-Ex and Tenant Improvements and Leasing Commissions.”