S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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Deal signals a desire for borrowers to work with a community bank Spencer Savings Bank’s CRE division closes $19 million deal with retail furniture stores
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HOLMDEL, NJ — Somer- set Development announced 16 new office leases at Bell Works, the revitalization of the two-million s/f Bell Laborato- ries in Holmdel. The latest of- fice users to join the mixed-use ‘metroburb’ further boost the historic landmark’s successful transformation into a popular destination to work, shop, dine, stay, entertain, and more. Bell Works continues to ex- perience leasing momentum, with roughly one million s/f of office space now leased, includ- ing 90% of its “ready-to-wear” offices. Of the 16 recently signed office leases, 15 were signed for “ready-to-wear” space, and Somerset plans to dedicate additional square footage for these designed spaces in 2020. Somerset Development was represented in each of the transactions by The Garib- aldi Group president Jeff Garibaldi , vice president Tara Keating and broker sup- port analyst Lindsey Florio . In total, the new tenants will occupy 48,000 s/f of the mixed- use metroburb, including an 18,993 s/f office for national tax advisory firm CohnReznick . ture store retailer as well as other retail and food service tenants. This was Spencer’s second transaction with the company. The previous loan was originated within the bank’s commercial & industrial lending department for their store location in Philipsburg. The deal closed just months after the commercial real es- tate team closed on another $19 million deal - a seven year, commercial mortgage loan on two office buildings, designed for multi-tenant occupancy, located in Clifton. These are two of the largest commercial real estate deals in the bank’s history, signaling an appetite for growth for the thriving bank and the desire for borrow- ers to work with a community bank - known for providing all
the same products and services of larger institutions but with a tailored, customized personal approach that really highlights relationship banking at its finest. “With nearly $3 billion in as- sets, Spencer has the capacity to fulfill everyone’s financing needs with transactions up to $20 million. Combine this with the fact that we make it our business to really connect with our customers – and you having a winning strategy. The bank’s success is rooted in building long-lasting relation- ships, truly understanding the customer’s needs, local decision-making, access to decision makers, flexible fi- nancing, quick turnaround and the ability to attract a highly talented staff,” said Michael
a comprehensive financial services firm committed to helping individuals, fami- lies and businesses improve their long-term financial success. • NutraSourceRD, a nutri- tion consulting company pro- viding registered dietitians to healthcare facilities. • Prospect Capital Res- taurants, LLC, a multi-unit franchisee operator. • Quest Group, a global executive search, staffing, and business solutions firm. • Rubicon Project, a lead- ing technology company automating the buying and selling of advertising. • SpoofCard, a telecom- munications company. • Systematic Trading Labs, a quantitative invest- ment management firm that utilizes proprietary predic- tive modeling technologies to trade 24/7 across dozens of electronic derivatives markets around the world. • Tel-Networks, LLC, a high performance consulting firm focused on providing cohesive and sustainable IT infrastructure solutions to growing companies. lending footprint – now con- tinuing to successfully expand to the five boroughs of New York City, Southern New Jer- sey, and Eastern Pennsylvania. The credit quality of Spencer’s $2.4 billion lending portfolio has helped make it one of the state’s strongest community banks. The Commercial Lend- ing team provides a multi- faceted array of superior lend- ing products designed to serve consumer and commercial entities. Spencer’s Commercial Lending Officers help custom- ers secure the loan that’s right for their business, with flexible financing solutions that enable business owners to source debt financing and working capital for projects of all types and sizes, as well as any other gen- eral business need.
Claisse , senior vice president and director of commercial real estate lending. “Over the past decade we have expanded our footprint into the commercial market. Commercial real es- tate financing continues to be Spencer’s main focus. Not only are we taking on stabilized properties, we are also capable of offering our development clientele bridge and construc- tion financing. As a direct lender, our team is committed to guiding borrowers through all phases of their project from customization of their loan package to helping evaluate future growth opportunities once the project is complete.” Over the years, Spencer has grown its Commercial Real Estate team to almost 20 staff members and increased its
O R T H B R U N S - WICK, NJ — Spen- cer Savings Bank ,
a community bank head- q u a r t e r e d in northern NJ, recently announced it closed a $19 million deal with one of the nation’s
Michael Claisse
largest furniture stores. It was a refinance of their strip center located in North Brunswick. The center contains the furni- HI-LIGHTS OCTOBER 11 - 24, 2019
Bell Works to welcome 16 new companies to iconic ‘Metroburb’ in Holmdel, NJ
7-13B SPOTLIGHT SOUTHERN NJ
16-17B
SFA ACQUIRES 57,000 S/F CLASS A OFFICE BUILDING
Bell Market at Bell Works
The recently signed tenants (in addition to CohnReznick) are: • Avlino Inc., a software company that designs, devel- ops, and delivers industry-spe- cific AI-powered solutions that focus on resolving pain-points within organizations. • Beverage Works, the larg- est Red Bull distributor in the world. • Edward Jones, a full- service financial services firm offering a complete range of investments and services to individual investors through its branch network of more than 14,000 locations.
• Fairview Funding LLC, an organization primarily operating in the factoring ser- vices industry within the non- depository credit institutions sector. • FFW, an enterprise web strategy, design, and develop- ment company headquartered in Copenhagen, Denmark. • Homesite Group Inc., a property and casualty insur- ance company. • KimShe International Grain and Feed, LLC, a com- pany that specializes in the procurement and exportation of corn, soy, and dried grains. • Northeast Planning Corp.,
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