Greystone closed a $30,000,000 debt placement for the acquisition of an office and mixed-use property in Tinton Falls, NJ. The financing was sourced by the Greystone Capital Advisors team led by Drew Fletcher, President, and Miryam Reinitz-Kops, Vice President, on behalf of Inspired by Somerset Development.
One Commvault Way is a 277,000 square foot asset serving as the corporate headquarters of cybersecurity firm Commvault. The new owner intends to reimagine the space with added coworking, restaurants, retail, and recreation. The acquisition debt arranged by Greystone Capital Advisors is structured as a 3-year, interest-only, bridge loan with future funding to cover tenant improvement and leasing costs to execute the Sponsor's business plan.
“Our goal is to help clients grow, expand, and realize their plans for their diverse portfolios,” said Ms. Reinitz-Kops. “The options for financing are vast, but it takes a skilled team to identify and hone in on the best solutions for a long-term vision.”
“Building on the success of our vision for the Bell Works complexes in Holmdel and Chicagoland, we are excited to provide a best-in-class offering for tenants and visitors at this Tinton Falls location,” said Ralph Zucker, President, Inspired by Somerset Development. “Greystone Capital Advisors helped us expeditiously in securing the right debt solution while we execute on our vision for Bell Works Fort Monmouth.”