Eastman Companies Recapitalizes 290 West Mount Pleasant Avenue Office With $38.2M Loan From Ladder Capital

The property asset involved in the transaction is located at 290 West Mount Pleasant Avenue in Livingston. It is an office asset with a total square footage of 385,000 and covers 34 acres. The transaction involved a loan amount of $38,200,000 for recapitalization and equity purposes.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $38,200,000
• Lender: Ladder Capital
• Landlord: Michael Schofel & Peter Schofel - Eastman Companies
• Brokers: Brad Domenico, David Bernhaut, John Alascio, Chuck Kohaut, Frank Stanislaski, Bill Baunach & Jack Subers - Cushman & Wakefield

This transaction saw Eastman Companies recapitalize The Eisenhower office space through a combination of $24.2 million from Ladder Capital and an additional $14 million in new equity. The funding is intended to support tenant improvements, leasing commissions, and capital expenditures, contributing to the property's ongoing leasing efforts and long-term stabilization.