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A joint venture between Rubenstein Partners, L.P. and Vision Real Estate Partners has refinanced LATITUDE, a two-building, Class A office campus on 35 acres in Parsippany, NJ. The partnership closed an $80 million refinancing for the suburban trophy asset, which is branded as an amenitized office environment. Cushman & Wakefield’s Capital Markets team, including Chuck Kohaut, Brad Domenico, David Bernhaut, Alexander Hernandez, Frank Stanislaski, Bill Baunach and Jack Subers, arranged the financing on behalf of the joint venture.
The new loan was provided by Oak Funding and Oak North Bank. Proceeds were used to retire the existing debt on LATITUDE and to supply additional capital that will support the joint venture’s ongoing business strategy for the campus. The financing structure includes an initial advance of $55 million at closing, with an additional $25 million available through future funding commitments.
Rubenstein Partners described the execution as a successful refinancing that underscores the strength of LATITUDE as an office asset. The campus is positioned as a high-quality, amenitized workplace in a suburban location, aligning with demand for better-quality office product in non-urban settings. With the previous loan now paid off, the new capital stack is intended to give the ownership group flexibility to continue implementing its long-term plan for the property.
According to commentary from Rubenstein Partners, the refinancing demonstrates that capital remains available for well-located, modern office campuses that can compete on amenities and quality. The JV expects the new financing to support the next phase of growth at LATITUDE as it continues to execute its strategy for the campus over the coming years.
The post Rubenstein, Vision Partners JV Secures $80M Refi for Parsippany LATITUDE Office Campus appeared first on CRE Market Beat.
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