Burlington County, New Jersey, Medical Office Building
53,100 square feet
Llenrock Group sourced $6.5MM financing for a fully occupied medical office property in Southern New Jersey. The single-tenant, triple-net-leased property totals 53,100 SF ($179/SF). On behalf of its client, the private REIT acquiring the property, Llenrock negotiated with a local bank to secure 7-year fixed-rate debt as part of the building’s $9.5MM purchase price.
“We were excited to represent this institution in the process of financing their acquisition,” comments Shamit Saha, Llenrock Group’s Director of Originations. “Our client placed great trust in our ability to complete this deal, and we are happy that we were able to meet their needs and complete this process in a smooth, timely manner.”
Speaking on the process of sourcing the needed capital for this acquisition, Llenrock Group Capital Markets Director Tim Deegan comments, “This deal benefited from just the right combination of factors: a great, fully leased asset, a strong tenant, an experienced buyer, and a professional, sophisticated team of lenders who made this deal a pleasure to complete. We look forward to working with these colleagues in the future.”