Greystone Arranges $30M Acquisition Loan for Tinton Falls Office Redevelopment
Greystone has successfully closed a $30 million debt placement for the acquisition of a prominent office and mixed-use property located at One Commvault Way in Tinton Falls, NJ. The financing was arranged by the Greystone Capital Advisors team, led by President Drew Fletcher and Vice President Miryam Reinitz-Kops, on behalf of Inspired by Somerset Development.
The 277,000-square-foot property currently serves as the corporate headquarters of cybersecurity company Commvault. With this acquisition, the new ownership plans to transform the space into a dynamic mixed-use environment. Planned enhancements include the addition of coworking spaces, restaurants, retail concepts, and recreational areas aimed at revitalizing the property and enhancing tenant and visitor experiences.
The financing, arranged by Greystone, is structured as a three-year, interest-only bridge loan. It includes future funding provisions to support tenant improvements and leasing costs as the redevelopment progresses.
“Building on the success of our vision for the Bell Works complexes in Holmdel and Chicagoland, we are excited to provide a best-in-class offering for tenants and visitors at this Tinton Falls location,” said Ralph Zucker, President of Inspired by Somerset Development. “Greystone Capital Advisors helped us expeditiously in securing the right debt solution while we execute on our vision for Bell Works Fort Monmouth.”
Rendering courtesy of Rotwein+Blake.
