The $21m note-on-note loan from OakNorth will be used to reposition and lease a four-story Class A office-led building in Tinton Falls, New Jersey. Located at 1 Commvault Way, the 249k sq. ft site consists of 10 separate office spaces, three retail units, a dining hall, fitness center, training and conference space, café, gaming rooms, several walking trails and sport courts, as well as 930 parking spaces. EquityMultiple’s borrower will look to significantly transform the entire site by modernizing the amenity space and updating the fitness center, improving the cafe to include a full-service restaurant and food court, and create a subsection of co-working spaces as a complementary tenancy strategy.
About EquityMultiple: Co-founded in 2015 by Charles Clinton and Marious Sjulsen, the firm specializes in building investor wealth through streamlined access to diverse real estate investment products. With total distributions equaling over $480m, EquityMultiple successfully blends crowdfunding with a more traditional real estate investment approach. The launch of the EM Ascent Income Fund, EquityMultiple’s dedicated private credit fund, has helped solidify the firm’s reputation as a trusted private lender in the real estate middle market space. Since inception, the firm has built up a strong reputation for combining industry-leading asset management, innovative technology, and personalized customer support to bring investors an unparalleled experience.