Florham Park-based Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged an $11 million refinancing for Liberty Hall II, a recently-renovated, 146,779-square-foot, Class A office building in Union.
HFF worked on behalf of the borrower, Lamar Companies, to secure the floating-rate loan through Malvern Federal Savings Bank.
Liberty Hall II is located at 1095 Morris Avenue directly across from Kean University in Union. This location is four miles from the Garden State Parkway and Interstates 78, 95 and 287, as well as adjacent to a proposed transit village featuring mixed-use properties with residential and retail uses. Upon purchasing the property in 2013, the borrower implemented a capital improvement plan that featured adding a new lobby, new entrance, new fitness center, café, and new multimedia room along with HVAC and roof replacements. Currently, Liberty Hall II is 34 percent leased to tenants including M+W Energy, Inc.; Mindlance; Oriel STAT A MATRIX; MLB Residential Lending and SS&C.
The HFF debt placement team representing the borrower was led by managing director Michael Klein.
“After revising its leasing strategy to focus on smaller tenants, Lamar has started to see significant leasing velocity at Liberty Hall II,” stated Klein. “Malvern was very familiar with the property’s location, comfortable with the overall office submarket and understood Lamar’s vision for the building. As a result, the bank was able to provide a very competitive rate and structure that would enable the borrower to execute its business plan and get Liberty Hall stabilized.”