{"id":1004184728,"date":"2017-07-21T04:21:46","date_gmt":"2017-07-21T12:21:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004184728"},"modified":"2022-12-05T10:30:31","modified_gmt":"2022-12-05T18:30:31","slug":"bell-works-lands-70m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bell-works-lands-70m-in-financing\/","title":{"rendered":"Bell Works Lands $70M in Financing"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<p>Meridian Capital Group negotiated a financing in the amount of $70 million on behalf of Somerset Development, for the repositioning of Bell Works, a 475-acre, two million-square-foot office campus located in Holmdel, N.J.<\/p>\n<p>The three-year loan provided by OceanFirst Bank, as Yardi Matrix data shows, features a prime-based floating rate and full-term interest-only payments. Prior to the current financing, in March 2016 the property became subject to a $7.5 million loan through the same lender.<\/p>\n<p>Located at 101 Crawfords Corner Road in close proximity to Garden State Parkway, Bell Works was formerly a research and development site for Bell Labs and Alcatel. The six-story asset designed by architect Eero Saarinen became one of the country\u2019s most architecturally significant office buildings after the owner managed to modernize the building to accommodate today\u2019s technology tenants, while preserving the existing architecture.<\/p>\n<p>Managing Director Shaya Ackerman and Vice President Eli Serebrowski of Meridian\u2019s New York City office led the negotiations.<\/p>\n<h2><strong>Redevelopment Strategy<\/strong><\/h2>\n<p>Somerset is transforming the property into an indoor \u201cdowntown\u201d with stores and restaurants lining the ground floor, offices and a hotel on the upper floors, a public library, state-of-the-art fitness facility, entertainment, health and wellness centers, educational facilities and indoor and outdoor sports complex. A portion of the site will feature single-family homes and townhomes developed by Toll Brothers.<\/p>\n<p>According to Yardi Matrix data, Bell Works last traded in 2013, when Somerset Development acquired the asset from Lucent Technologies for a price tag of $27 million.<\/p>\n<p>\u201c<em>Somerset plans to create a unique asset that will serve as a benchmark for developers around the country,<\/em>\u201d said Ackerman in a prepared statement. \u201c<em>Many have found it impossible to find the best use for underutilized suburban office campuses, but Somerset recognized Bell Works\u2019 full potential and designed a phenomenal improvement plan,<\/em>\u201d he added.<\/p>\n<h2><strong>Occupancy Details<\/strong><\/h2>\n<p>Somerset recently signed a leasing agreement with Guardian Life Insurance Co., one of the largest <a href=\"https:\/\/www.commercialsearch.com\/news\/big-league-insurance-company-signs-90-ksf-lease\/\">mutual insurance companies<\/a> in the United States. The company will occupy 90,000 square feet of space at Bell Works by 2018, moving hundreds of employees to the facility.<\/p>\n<p>\u201c<em>Our agreement with Meridian further affirms our vision for the transformation of this once-underutilized gem into a \u2018metroburb\u2019 \u2013 a metropolis in suburbia,<\/em>\u201d said Ralph Zucker, president of Somerset Development. \u201c<em>With approximately 75 percent of the building\u2019s office space already under lease agreement, it\u2019s clear that there is immense enthusiasm in the market for this type of reinvented suburban asset.<\/em>\u201d<\/p>\n<p><em>Images courtesy of Somerset Development and Bell Works<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Somerset Development is transforming the two million-square-foot property into an indoor \u201cdowntown area\u201d with retail on the ground floor, office and hotel on the upper floors, as well as single-family and townhomes.<\/p>\n","protected":false},"author":1192,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21752,1600,21742,10],"tags":[33963,36892,33375,36891,33962],"class_list":["post-1004184728","post","type-post","status-publish","format-standard","hentry","category-development","category-finance","category-mixed-use","category-new-york","category-latest","category-northeast","tag-bell-works","tag-lucent-technologies","tag-meridian-capital-group","tag-oceanfirst-bank","tag-somerset-development"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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