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Pender Capital Management Provides $36.4 Million Loan For Columbia Pacific Advisors' Office Properties

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FINANCED
$36,400,000

New Jersey

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Office320,196 SF
Financed 09/09/2024
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FINANCED

Pender Capital Management Provides $36.4 Million Loan For Columbia Pacific Advisors' Office Properties

101 John F Kennedy Parkway

See Similar Deals
Office320,196 SF
Financed 09/09/2024
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Summary

NEW JERSEY
Asset Type:Office
Price Per Square Foot:$113
Total Square Footage:320,196 SF
Transaction Type:Loan

The transaction involves two office properties located at 101 and 103 John F Kennedy Parkway in Short Hills, N.J. The total square footage of the assets is 320,196. Columbia Pacific Advisors owns these properties. The loan provided amounts to $36,400,000, which will facilitate the continued leasing of the buildings.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $36,400,000
  • Lender: Cory Johnson - Pender Capital Management
  • Landlord: Columbia Pacific Advisors

Cory Johnson, representing Pender Capital Management, facilitated the financing for the deal. The properties were acquired previously through a deed-in-lieu of foreclosure and are currently leased through JLL after the departure of Dun & Bradstreet from their leased space.

Players

LENDER

Details

FINANCED
IMAGE: Cory Johnson DATE: 09/09/2024 ADDRESS: 101 & 103 John F Kennedy Parkway MARKET: Short Hills ASSET TYPE: Office ~ SF: 320,196 LENDER: Cory Johnson - Pender Capital Management LANDLORD: Columbia Pacific Advisors LOAN AMOUNT: $36,400,000 NOTE: Pender Capital Management provided $36.4 million in financing for 101 and 103 JFK Parkway, two office properties in Short Hills, N.J., owned by Columbia Pacific Advisors. The buildings, which were previously acquired via a deed-in-lieu of foreclosure, are now being leased through JLL after Dun & Bradstreet vacated their space.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$36,400,000.00

Monthly NOI$242,666.67
Monthly Debt Service$230,072.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00