Rubenstein secures $28.5 million refinancing

Rubenstein Partners, L.P., a vertically integrated real estate investment manager specializing in value-added office property opportunities in the Eastern half of the United States, arranged the closing of a $28.5 million refinancing for 211 Mount Airy Rd., a 305,000 s/f class A office property. Wells Fargo is providing the new five-year loan facility. Rubenstein Partners, together with its partner Onyx Equities, recently completed a redevelopment plan to improve and modernize the property, and signed a 61,676 s/f lease with Avaya, Inc. Stephen Card of Rubenstein Partners made the announcement. "We're pleased to continue working with Wells Fargo through this transaction," said Card. "Our redevelopment has transformed this property from a somewhat dated 1980s-vintage traditional corporate campus into a modernized multi-tenant asset with improved amenities that is considerably more competitive in its market. We believe that these positive changes, combined with the long-term Avaya lease and significant interest from additional tenants, made 211 Mount Airy an appealing prospect for financing." "Wells Fargo is delighted to continue our relationship with longtime customer Rubenstein Partners through the recapitalization of 211 Mount Airy Road," said Yorick Starr, a Senior Vice President with Wells Fargo Commercial Real Estate. "We were excited to participate with this experienced and talented partnership in the repositioning of 211 Mount Airy into a modern and competitive office option for tenants in the Basking Ridge market." Affiliates of Rubenstein and Onyx acquired 211 Mount Airy Road from Avaya in 2013. Following the acquisition, the Rubenstein/Onyx partnership created a redevelopment plan to thoroughly modernize the early 1980's vintage building in this highly desirable suburban office submarket. Among other things, the partners decided to replace the existing concrete skin with a contemporary glass curtainwall system that will introduce much more light into tenant space. 211 Mount Airy Road features headquarters-quality amenities, including a full cafeteria and state-of-the-art fitness facilities. The property also features a 127-seat auditorium and conference center on-site.