April 24, 2020 Comments Off on P3’s Parsippany Deal Lands $60M Bridge Loan Views: 502 New Jersey, New York News, Tri-State Area New York

P3’s Parsippany Deal Lands $60M Bridge Loan

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JLL arranged $59.975 million in financing for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, NJ. Working on behalf of the borrower, P3 Properties, JLL placed a four-year, floating-rate acquisition bridge loan through Bridge Investment Group.

The JLL Capital Markets team representing P3 was led by Greg Nalbandian and Andrew Zilenziger. The properties are located at 300 Interpace Pkwy. and 1 Upper Pond Rd. within the larger Morris Corporate Center master planned development in the Parsippany submarket of New Jersey.

“This value-add bridge loan was closed just before the impact of the COVID-19 crisis became widespread,” said Nalbandian. “Bridge distinguished themselves from the onset and executed flawlessly, providing P3 with a very attractive rate at 80% LTC with a future funding facility on a non-recourse basis.”

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