$24.75M Loan Secured On Office Property In Cherry Hill By Unknown Life Insurance Company

The property involved in this transaction is an office asset located at Lake Dr E, Merchantville, NJ, 08109. It is part of the Cherry Hill market and consists of a three-building, Class A office complex totaling 217,986 square feet. The asset was marketed on behalf of the seller, Crown Properties, and includes properties located at 200, 210, and 220 Lake Drive E. The complex was built in the late 1980s and currently has a leasing rate of 92%.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $24,750,000.00
• Borrower's Representatives: Michael Pagniucci - JLL, Neil Campbell - Institutional Property Advisors, Aryan Rabizadeh - Keller Williams
• Lender: Unknown life insurance company
• Seller: Crown Properties
• Buyer: SFA
• JLL's Capital Markets team for the seller was led by Doug Rodio, senior managing director
• The borrower team was led by Ryan Ade, senior managing director, with participation from Neil Campbell and Michael Pagniucci

The deal included a 10-year, fixed-rate acquisition loan arranged by JLL on behalf of SFA. The transaction was secured by Holliday Fenoglio Fowler LP prior to JLL's acquisition of HFF, which was completed on July 1.