Lawrenceville, NJ — After acquiring ownership of the Princeton Pike Office Park in 2022 and making significant improvements, Reynolds Asset Management (Reynolds), in partnership with investors Capital Solutions, secured a $16 million loan to refinance the property. Located at 3131 Princeton Pike in Lawrenceville. Reynolds worked with the lenders at Northwest Bank to refinance the original acquisition loan over a five-year term with a 6.60% fixed rate.
“Working closely with Lawrence Township, our partners, and the property’s existing tenants over the past two years, we’re proud to have improved the property and increased occupancy, leading to the successful stabilization of the property,” said founder and CEO of Reynolds Asset Management, Lou Reynolds. “Central to Reynolds Asset Management’s mission is investing in communities and this project is a great example of how we’re doing just that here in Lawrenceville.”
In April 2022, Reynolds acquired the Princeton Pike Office Park, beginning an intricate process to stabilize the largely vacant office park. At the time, the six-building complex was approximately 50% vacant. In collaboration with Newmark Group, a commercial real estate advisory and services firm, Reynolds relocated, consolidated, and signed renewals and expansions of existing office tenants into three of the six buildings which were all renovated with new flooring, ceilings, walkways, bathrooms, interior and exterior LED lighting, fresh exterior paint and signage. In addition, the office buildings’ parking lots were repaired and landscaping was updated. Reynolds successfully stabilized the property by boosting occupancy of the three buildings and today, on account of the work completed, occupancy is over 95%.
“Having worked with Reynolds on the acquisition loan, we immediately saw the team’s dedication to the revitalization of the site,” said Abe Ibrahim, commercial banking executive at Northwest Bank. “We share in their vision of creating a welcoming, sought-after office space and one that will attract new tenants in the years to come.”
“Reynolds’ unparalleled expertise and professionalism made for a smooth relocation process for the property’s existing office tenants,” said Rob Loderstedt, managing director in Newmark’s East Brunswick, New Jersey office, who executed new leases and tenant activity. “As Reynolds continues to breathe new life into this development, we’re excited to further our collaboration, and bring in new tenants to the site.”
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