Embrace Home Loans Renews Lease At 180 Mt Airy Rd In Basking Ridge
180 Mt Airy Rd, Bernards, NJ, 07920
Building Size
2,884 SF
Asset Type
Office
Closing
Nov 22, 2023
AI
An office asset located at 180 Mt Airy Rd, Bernards, NJ, 07920, in Basking Ridge, has recently had a lease extension. Embrace Home Loans, a mortgage lender, renewed its lease for the 2,884-square-foot space in the 100,000-square-foot complex owned by CIG Properties. The transaction was facilitated by Lincoln Property Co.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Landlord's Representative: Rick Genthe (Lincoln Property Company)
- Landlord: CIG Properties
- Square Feet: 2884
- Market: Basking Ridge
- Address: 180 Mt Airy Rd, Bernards, NJ, 07920
Rick Genthe from Lincoln Property Company represented the landlord in the lease extension deal. Embrace Home Loans will continue its operations in the property, located at a prime spot near a four-way interchange of Interstate 287. The office complex at 180-188 Mount Airy Road occupies 11 acres and consists of two 50,000-square-foot buildings separated by a sizable reflective pond. Additionally, Michael Taylor, another senior vice president at the firm, highlighted the commitment of both Lincoln Property Company and CIG Properties to promptly cater to the needs of tenants and offer state-of-the-art facilities in a highly sought-after location.
Players
Basking Ridge Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93