A joint venture partnership between Rubenstein Partners, L.P. and Vision Real Estate Partners secured an $80-million refinancing of LATITUDE, a 35-acre, two-building trophy office campus in Parsippany, NJ. Cushman & Wakefield’s Capital Markets team of Chuck Kohaut, Brad Domenico, David Bernhaut, Alexander Hernandez, Frank Stanislaski, Bill Baunach and Jack Subers arranged the transaction.
The new loan, provided by Oak Funding and Oak North Bank, retired the existing debt on LATITUDE and provides new capital to support the JV’s continuing business strategy for the Class-A property. The financing includes an initial upfront funding of $55 million and an additional $25 million in future advances.
“The successful refinancing of LATITUDE reflects both the strength of the asset and the continued demand for high-quality, amenitized office environments in well-located suburban markets,” said Jack Sula at Rubenstein Partners. “This financing allows us to pay off the previous loan while positioning LATITUDE for its next phase of growth as we continue to execute our long-term plan for the campus.”
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