A joint venture between Somerset Development and HIG Capital has closed on a $60 million loan to refinance a redeveloped office and mixed-use campus in New Jersey. The campus will soon host the headquarters of the sandwich chain Jersey Mike’s. Hudson Bay Capital provided the bridge loan for the 276,900-square-foot Bell Works Fort Monmouth property in Tinton Falls, N.J.
Commvault, a data protection company, originally developed the property as its headquarters in 2014 before selling it to Somerset last year. The sale was part of a plan to redesign the site as a flexible office and retail space. Ralph Zucker, President and CEO of Inspired by Somerset Development, stated that redesigning a previously underutilised suburban campus into a vibrant mixed-use destination created sustainable value for investors, tenants, and the community. He emphasised that this financing underscores Bell Works' role as a catalyst for the ongoing revitalisation of Fort Monmouth.
The Bell Works Fort Monmouth Campus, located at 1 CommVault Way and near a $1 billion Netflix studio complex under construction, has signed leases for 222,000 square feet since its redevelopment by Somerset. Jersey Mike’s signed a lease for 72,326 square feet to relocate its corporate headquarters from Manasquan, N.J., and also leased 2,286 square feet of retail space.
These transactions increase the property’s occupancy to 88 percent. Commvault, formerly the sole tenant of Bell Works, has retained its headquarters on campus, occupying 101,878 square feet. Walker & Dunlop negotiated the financing with a Capital Markets Institutional Advisory team comprising Dustin Stolly, Aaron Appel, Sean Reimer, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Ari Hirt, and Stanley Cayre.
Dustin Stolly, Senior Managing Director at Walker & Dunlop, highlighted that Bell Works Fort Monmouth is a highly differentiated mixed-use campus that continues to show solid leasing momentum and long-term value creation. He noted that the financing acknowledges the current strength of the asset's cash flow while providing flexibility to support the next phase of growth.
The Fort Monmouth location benefits from its strategic position and successful transformation from a former corporate headquarters to a diverse hub for businesses and retail. The consistent demand for space underscores the attractiveness of the concept and the property's market position in the New Jersey region.
