JLL Capital Markets announced that it has successfully arranged $15.35 million in financing for 500 College Road East, a four-story, 160,904-square-foot Class A office building located in Princeton.
JLL represented the borrower entity, led by Bergman Real Estate Group, to secure the four-year, interest-only, fixed-rate loan through a life insurance company.
Originally built in 1984 and situated on a 15-acre site within the 2,200-acre Princeton Forrestal Center, the property underwent a major $4.0 million capital improvement program following Bergman’s acquisition in 2020. Upgrades include fully renovated common areas, a new full-service café, an upgraded fitness center, a multimedia conference and training facility, an employee lounge, and enhanced outdoor meeting spaces.
The strategic investments have driven strong leasing momentum, with ownership executing 22 new leases totaling approximately 113,000 square feet.
“Bergman Real Estate Group has demonstrated exceptional execution since acquiring this asset in 2020,” Gregory Nalbandian of JLL’s Capital Markets Debt Advisory team said. Nalbandian led the transaction alongside Michael Klein, Nazario Paragano, and Kevin Badger. “The capital improvement program has successfully repositioned 500 College Road East as a competitive Class A offering, evidenced by the significant leasing momentum and the quality of the institutional and credit-oriented tenant base.”
The financing structure also features an open prepayment option throughout the entire term without penalty, giving the sponsor flexibility should they choose to monetize their investment.
