JLL Arranges $15.3M Refinancing for Princeton Office Building

JLL arranged a $15.3 million loan to refinance a 160,904-square-foot office building at 500 College Road East in Princeton, New Jersey. The four-story property sits on about 15 acres within Princeton Forrestal Center, a 2,200-acre mixed-use development with more than 8 million square feet of academic, research, office, residential, hospitality and retail space.

The building was constructed in 1984 and renovated in 2022. Its amenities include a café, a fitness center, an employee lounge with games, and a multimedia conference and training facility. Michael Klein, Gregory Nalbandian, Nazario Paragano and Kevin Badger of JLL arranged the four-year, fixed-rate loan through an undisclosed life insurance company. The borrower is a partnership led by Bergman Real Estate Group.

For owners and lenders, the deal shows that a renovated, amenity-rich suburban office campus can still attract long-term fixed-rate debt from institutional capital sources.