PARSIPPANY — Prism Capital Partners has secured a new mortgage loan for 399 Jefferson Road. The initiative marks yet another chapter in the property’s success story; Prism in 2003 initially acquired the Class A asset as its first investment.
“The time was right to refinance, and we saw aggressive interest from the financial markets for this high-quality property,” said Prism’s Eugene Diaz, principal partner.
399 Jefferson serves as the headquarters of EBI, LLC, a subsidiary of medical device and implant manufacturer Biomet Spine & Bone Healing Technologies, which occupies 102,000 square feet.
Long-term tenant Pinnacle Foods was recently acquired by Conagra Brands and has relocated out of state. The building now offers the opportunity for a highly improved, state-of-the-art tech office space of approximately 104,000 square feet.
From the outset, Prism recognized the inherent value of this well-located, single-story granite and glass office building. When its single tenant announced plans to leave the property at the end of its lease, Prism sold the property, achieving a significant profit. That user never took occupancy, and in 2010, Prism re-acquired it as a vacant asset – at a highly opportunistic price. After adding tremendous value at 399 Jefferson through the lease-up and expansion, Prism in 2014 orchestrated a recapitalization, bringing in an investment partner and remaining operating partner for this flagship property.
Headquartered in Bloomfield, Prism is an experienced real estate owner, operator and developer with a proven track record of creating value through select real estate investments and developments. Geographically focused in the New Jersey/New York/Connecticut market, Prism specializes in identifying, acquiring and creating distinctive, value-added opportunities in the office, retail, industrial and residential sectors. The company invests with institutional and private capital sources that rely on Prism’s ability to identify and realize the highest value potential in real estate endeavors of all sizes.