Success Stories

Core Plus
150 Morristown Road, Bernardsville, NJ

OPPORTUNITY

  • Acquire 56,000-square-foot multi-tenant office building from lender in foreclosure
  • Prestigious submarket
  • Modern, well designed building

CHALLENGES

  • Negotiating deed-in-lieu from existing owner
  • Obtaining acquisition loan from existing lender – NYSE mortgage REIT
  • 50% vacant at acquisition

RESULTS

  • 90% occupied
  • Long-term, fixed-rate financing
  • Stabilized cash flow allowing for partner distributions