CBRE Capital Markets’ Debt & Structured Finance team recently announced that it has secured a $150-million 10-year fixed-rate loan to refinance 111 River St., a 13-story, Class-A high-rise office tower in Hobken, New Jersey, that’s owned by Mack-Cali Realty Corp.
The brokerage firm reports the non-recourse loan for the Jersey City-based REIT was funded by Apollo Global Management through Athene Annuity & Life Assurance Co.
Earlier this month, Mack-Cali Realty first reported it secured a $150-million mortgage on its 111 River St. office building in Hoboken, NJ, on Aug. 5 and used the proceeds of the refinancing of the 566,215-square-foot 13-story office building primarily to pay down unsecured corporate debt.
CBRE’s Shawn Rosenthal and Sunny Somaiya in the Debt and Structured Finance group, secured the loan on behalf of Mack-Cali Realty Corp.
“The financing markets embraced this trophy asset situated on the waterfront promenade in Hoboken with unobstructed, breathtaking views of the Manhattan skyline and located steps from numerous transportation options into Manhattan. The quality of the asset, strength of sponsorship, and core location led to incredible lender demand for this loan,” Rosenthal says.
111 River St. is leased to a diverse roster of credit-oriented tenants including John Wiley, Sumitomo Mitsui Trust Bank and Crunch Fitness. The property is located within steps of the Hoboken Terminal, which offers PATH, NJ Transit, water ferry, light rail and bus transportation to Manhattan within minutes.
— Read Prudential’s Real Estate Finance Arm Describes Its Lending Targets, on ThinkAdvisor.