Originally Published by Real Estate NJ

The owner of nearly 390,000 square feet of flex commercial space in Allendale has refinanced the portfolio for $44 million, in a newly announced deal by Black Bear Capital Partners.

According to the advisory firm, Morgan Stanley provided the 10-year, fixed-rate financing at a loan-to-value ratio of roughly 65 percent. BBCP Senior Managing Partner Emil DePasquale represented the borrower, Allendale Corporate Center LLC, in sourcing the nonrecourse loan, noting that the portfolio spans six buildings that are home to health care-oriented tenants such as Martab Medical, Syntegon Pharma Technology LLC and Alan Baird Industries.

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