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180 Mt Airy Rd, Bernards, N...

Embrace Home Loans Renews Lease At 180 Mt Airy Rd In Basking Ridge
LEASEDOffice

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

Rick Genthe

Lincoln Property Company

Broker

3 deals

Broker
CP
CIG PropertiesLandlord

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