Hudson Bay Capital has extended a $60 million bridge loan to refinance Bell Works Fort Monmouth, a 276,900-square-foot mixed-use office campus in New Jersey. The property is jointly owned by Somerset Development and HIG Capital, a private equity firm.

The refinancing funds a repurposed campus that will anchor Jersey Mike's, the sandwich chain, as its new headquarters tenant. The deal reflects growing lender appetite for repositioned office assets in secondary markets, particularly those with strong corporate tenants committed to long-term leases.

Bell Works Fort Monmouth sits on the former Fort Monmouth Army base in Oceanport, New Jersey. The site has undergone significant redevelopment to transform aging military infrastructure into modern commercial and mixed-use space. Jersey Mike's commitment to locate its headquarters there validates the redevelopment thesis and provides Hudson Bay Capital with lease credit that justifies the $60 million refi at a bridge loan structure.

For buyers and investors, this deal signals that office repositioning works when coupled with marquee tenants. Jersey Mike's headquarters move demonstrates demand for suburban office space near transportation and population centers, particularly for companies seeking modern, adaptable facilities outside dense urban cores. The New Jersey location offers cost advantages over Manhattan or Jersey City alternatives.

For sellers and current stakeholders in the property, the refinance unlocks capital and provides a clean path forward under HIG Capital's ownership. HIG typically holds assets for three to five years before exit, suggesting an eventual sale or recapitalization within that window.

For tenants like Jersey Mike's, the refinance stabilizes ownership and ensures capital for necessary buildouts and amenities. Long-term lease security improves under established ownership with institutional backing.

The bridge loan structure indicates Hudson Bay Capital expects a more permanent takeout financing within 12 to 24 months, likely conventional permanent debt as the property stabil