Phillips Realty Arranges $28.7M Acquisition Loan for Office Building in Bridgewater, New Jersey
BRIDGEWATER, N.J. — Phillips Realty Capital has arranged a $28.7 million acquisition loan for a 205,000-square-foot, Class A office building in Bridgewater, located approximately 30 miles southwest of New York City. Bridge Investment Group provided the non-recourse financing to the borrower, Legacy Investing LLC, which acquired the asset from Senior Housing Properties Trust for $47.5 million. The building was 59 percent leased to multinational health information technology and clinical research company IQVIA at the time of sale. William Lawson and Adam Bieber of Phillips Realty Capital structured and placed the loan.