Refinancing will enable Denholtz to complete substantial improvements to 11-building portfolio
Bridgewater, N.J. (February 8, 2018) – Denholtz Associates has secured a 5-year, $9.2 million refinancing from Provident Bank on its 11 building, 264,163-square-foot flex-industrial property on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook, N.J. Paul Barrood, CRE Relationship Manager III for Provident Bank, secured the financing for Denholtz.
Located in the heart of Somerset County, The Bridgewater Business Park boasts 16 flex-industrial buildings totaling 380,000 square feet. Denholtz Associates owns 11 buildings comprising 264,163 square feet of space at 7W-10W Chimney Rock Road and 24E-30E Kearney Street. The properties offer flexible accommodations for a variety of tenants including Zoned Inc., a baseball training center, The Airsoft Factory, an airsoft facility, and Bridgewater Marble, one of New Jersey’s largest stone fabricators and distributors.
The refinancing will enable Denholtz Associates to complete an extensive renovation plan throughout the portfolio that includes replacing all parking areas and roofs, as well as façade repairs to each building. Earlier this year, Denholtz completed the first phase of the renovation plan by replacing all parking surfaces and areas. The remainder of renovations is expected to be completed by Spring 2018.
“As a New Jersey-based company, we have consistently sought to build long-term relationships with local financial partners, who like us, boast a deep understanding of the local commercial real estate markets,” said Stephen Cassidy, President of Denholtz Associates. “As interest rates continue to hover around historically low levels, we knew that this was the best time to refinance and that Provident Bank was the best equipped financial partner to work with to accomplish that. The refinancing will enable us to make long-term investments into this portfolio to position the asset for continued high occupancy well into the future.”
The Bridgewater Business Park is located just off Route 22 in a high traffic area at the convergence of Routes 202 and 206, Interstates 78 and 287. The area is also convenient to the Garden State Parkway and New Jersey Turnpike. Nearby attractions include the Bridgewater Commons Mall, outstanding dining choices, banks, hotels, conference centers and the under-construction Chimney Rock Shopping Center.
