Listen to this articleThe basics:
- CBRE announced a combined $92.5M in financing in NJ
- Arranged $58M refinancing for 320,000-sf Class A office campus in Short Hills
- Secured $34.5M permanent financing for The Essex in Belleville, a 158-unit mixed-use property
CBRE said it secured financing for two separate properties in New Jersey this week: a Class A office in Short Hills along with a recently acquired multifamily property in Belleville.
Executive Vice Presidents Brad Zampa and Mike Walker of CBRE’s Debt & Structured Finance team in San Francisco arranged $58 million in refinancing for 101 and 103 JFK Parkway in Essex County. The duo worked on behalf of owner Columbia Pacific Advisors.
The two-building, 320,000-square-foot office campus is 95% leased to investment-grade tenants in professional and financial services, CBRE said.
In October, Selective Insurance said it would transition its headquarters to 103 John F. Kennedy Parkway, after signing a lease for 122,525 square feet of space.
An East Coast-based institutional real estate lender provided the five-year, floating-rate loan.
101, 103 JFK | On-site amenities include:
- Fitness center with locker rooms and showers, a yoga and meditation room and full-service cafeteria
According to Zampa, “This refinancing reflects renewed liquidity and growing confidence in the office sector as return-to-office mandates gain traction.” He said CBRE ran a competitive financing process, culling multiple bids from a cross section of lenders. “Despite the complexity of the transaction, the Sponsor’s reset basis, extensive experience in value-add assets and their significant capital commitment resulted in a successful execution, which will allow the Sponsor to further stabilize the asset.”
The CBRE Lending Momentum Index rose by 0.55 points year-over-year in the third quarter 2025 to 1.03, comparable to 2018 levels, according to CBRE Research. Higher loan origination volumes and larger deal sizes fueled the rebound in lending.
101 and 103 JFK Parkway is located across from The Mall at Short Hills. In addition to immediate access to major highways, the property offers private shuttle service to NJ Transit’s Summit Station.
CBRE noted the Short Hills property sits within a highly affluent (average household incomes exceed $250,000) and educated area, featuring major employers, new Class A apartments, as well as retail, hotels and more.
Columbia Pacific Advisors Senior Vice President Chais Lowell lauded the “outstanding collaborative effort.” Beyond Zampa, he highlighted investment partner Jeff Rakow; property manager Lyndsey Linder; legal counsel Adam Coady; and the exceptional team behind the scenes.”
Belleville
CBRE also secured $34.5 million in permanent financing for The Essex.
Located at 78-102 Washington Ave. in Belleville, the newly developed mixed-use property features 158 units with two ground-level commercial spaces.
CBRE said the Freddie Mac Lease-Up Program provided the financing. The effort aims to deliver permanent multifamily loans for new properties entering the later stages of lease-up.
A team of Judah Hammer, executive vice president in CBRE’s New York office, along with Vice President Jeff Feldman and Financial Analyst Jack Hayes, arranged the financing on behalf of the unnamed borrower.
“We began to engage with our client regarding permanent financing when the property was still 50% occupied to hit the road running and secure the best terms possible,” said Hammer.
He said the seven-year loan offers the benefit of four years interest-only with a fixed rate of 4.92%.
Beyond the funding, CBRE said the borrower will also benefit from a “borrow-up” provision. That will allow it to tap into the cashflow upon stabilization and access additional proceeds as well as the first mortgage pricing within the first 24 months of initial loan origination.
According to the firm, this arrangement allows the sponsor to obtain additional leverage once the building is fully stabilized.
The four-story building features apartments with GE washer/dryer, quartz countertops, custom cabinetry, stainless steel appliances, vinyl plank flooring and 9-foot ceiling heights. Community amenities include a full-service fitness center with yoga room, rooftop courtyard featuring grilling stations and a fire pit, a resident lounge, game room, coworking pods, secure package room, pet washing station, doorman service, as well as indoor garage parking with EV charging stations.
