Jones Lang LaSalle



570 Broad Gets $20M in Financing for Retenanting Effort
By Sean Ryan, Sean Ryan is associate editor of Real Estate New Jersey.
Last updated: December 14, 2005 12:08pm

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NEWARK-Heritage Management LLC has received $20.5 million to refinance debt at 570 Broad St. Jon Mikula, senior managing director of the Florham Park branch of Holliday Fenoglio Fowler, tells Globe St. that the money is for future tenant improvements to lease up the remaining space in the building, in addition to refinancing the existing debt.

Mikula arranged the three-year, adjustable-rate loan with GMAC Commercial Mortgage Corp. He also worked on the $16.07 million financing Heritage received for the site 570 in 2003.
The 14-story, 207,000-sf building went through a $4.4-million renovation earlier in the year. Heritage is in the process of retenanting the once-vacant building, which it bought in 2003 for $7.5 million. Current tenancy includes Washington Mutual, Atlantic Federal Credit Union, Diversityinc., Urbitran Corp., PC Tech and Lycatel Group.