SJP Properties Secures $132 Million Loan From PNC Bank For Office Building In Morristown NJ

The asset involved in this transaction is the West Building located at 100 Morris Street, Morristown, NJ. This seven-story Class A office building has a total square footage of 260,000 and is fully leased to Sanofi. SJP Properties secured a loan amount of $132 million from PNC Bank to refinance the property, replacing a previous construction loan of $127 million from U.S. Bank that originated in 2023.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $132,000,000
• Lender: PNC Bank
• Landlord: Steven J. Pozycki - SPJ Properties
• Asset Location: 100 Morris Street, Morristown, NJ
• Square Footage: 260,000
• Current Tenant: Sanofi
• Previous Loan Amount: $127,000,000
• Previous Lender: U.S. Bank
• Loan Type: Permanent

This transaction illustrates the financing strategy employed by Steven J. Pozycki, representing SPJ Properties, in securing a permanent loan to enhance the financial structure of their fully leased asset. The transition from a construction loan to a permanent loan reflects the stability and occupancy status of the building, backed by a major tenant.