Walker & Dunlop arranges $60 Million bridge loan for Bell Works Fort Monmouth

Financing supports the next phase of growth for the Inspired by Somerset–H.I.G. Realty Partners joint venture

TINTON FALLS, NJ — Walker & Dunlop arranged a $60 million bridge loan to refinance Bell Works Fort Monmouth, a 276,900 s/f mixed-use office and retail campus at 1 Commvault Way in Tinton Falls.

The Walker & Dunlop Capital Markets Institutional Advisory team of Dustin Stolly, Aaron Appel, Sean Reimer, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt and Stanley Cayre secured the financing, which was provided by Hudson Bay Capital on behalf of a joint venture between Inspired by Somerset and H.I.G. Realty Partners, the real estate platform of H.I.G. Capital.

Formerly the headquarters of Commvault, Bell Works Fort Monmouth has been redeveloped into a mixed-use destination featuring flexible office space, retail, dining, coworking space and community amenities. The property was developed using Inspired by Somerset Development’s “Metroburb” concept, which integrates work, retail and community uses into a single suburban campus.

The campus is anchored by long-term leases with companies including Commvault and Jersey Mike’s Subs and has continued to build leasing momentum as it evolves into a regional live-work-play destination.

Located within the Fort Monmouth redevelopment area, one of New Jersey’s largest mixed-use redevelopment projects, the property offers convenient access to the Garden State Parkway and other major highways. The campus is also positioned to benefit from significant investment in the surrounding area, including Netflix’s planned $1 billion production studio campus.

“Bell Works Fort Monmouth is a highly differentiated mixed-use campus that continues to demonstrate strong leasing momentum and long-term value creation,” said Dustin Stolly, senior managing director of Capital Markets Institutional Advisory at Walker & Dunlop. “The financing recognizes the strength of the asset’s cash flow today while providing flexibility to support its next phase of growth. We’re grateful to Inspired by Somerset, H.I.G. Capital and Hudson Bay Capital for their partnership on this transaction.”