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Somerset and HIG Capital secure $60M bridge loan for Bell Works
The 276,900-square-foot Bell Works Fort Monmouth campus has reached 88% occupancy after 222,000 square feet of leases were signed since Somerset redeveloped it.
Somerset Development and HIG Capital have secured a $60 million loan to refinance the repurposed Bell Works Fort Monmouth mixed-use office campus in Tinton Falls, New Jersey, Commercial Observer reports. Hudson Bay Capital provided the bridge loan for the 276,900-square-foot property. Commvault developed the campus as its headquarters in 2014 before selling it to Somerset last year as part of a plan to convert the site into flexible office and retail space. Bell Works Fort Monmouth is expected to become the home of Jersey Mike’s headquarters, after the sandwich chain signed a 72,326-square-foot lease to relocate from Manasquan, New Jersey. Jersey Mike’s also leased a 2,286-square-foot retail location, helping bring the campus occupancy to 88 percent, according to Commercial Observer. Commvault, the former sole tenant, has maintained its headquarters at the campus and occupies 101,878 square feet. Walker & Dunlop negotiated the debt with an institutional advisory team, and Walker & Dunlop described the financing as recognizing the asset’s cash flow while giving flexibility for the next phase of growth.