Northern New Jersey medical office building secures $8.1M refinancing

MORRISTOWN, March 28, 2022 – JLL Capital Markets announced today that it has arranged an $8.1 million refinancing for Bedminster Medical Plaza, a 38,925-square-foot medical office space in Bedminster, New Jersey.

JLL worked on behalf of the borrower, DGLV Properties, LLC, to secure the 10-year, fixed-rate loan through National Life Group.

The two-story medical office building is 85% occupied by 13 tenants specializing in a wide range of medical services, including radiology, optometry, family and cosmetic dentistry, orthodontics, oral surgery, orthopedics and sports medicine, chiropractic, neurology, physical therapy and rehabilitation.

Bedminster Medical Plaza is positioned on 3.9 acres within the Route-78 Office submarket at 1 Robertson Drive. The medical office building is centrally located 14 miles south of Atlantic Health’s flagship hospital, Morristown Medical Center, eight miles north of RWJ University Hospital in New Brunswick and 5.8 miles from the Matheny Medical and Education Center in Peapack Gladstone. The office is easily accessible to residents of the area via nearby highways, including Interstates 287 and 78 East and Route 202. There are more than 59,000 residents within a five-mile radius of the property, 35% of which are over the age of 55, and the average household income for the same area is $204,458.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jon Mikula, Director Max Custer and Analyst Salvatore Buzzerio.

“We are thrilled to have had the opportunity to represent the borrower in arranging long term fixed rate financing with one of our correspondent life insurance companies,” said Custer.  “The building has been exceptionally maintained by the borrower since acquisition in 2012 and as a result there was a tremendous amount of interest among the lending community.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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