CBRE Capital Markets’ Debt & Structured Finance team has arranged up to $75.8 million in financing for the acquisition of 30 Montgomery Street, a 16-story, 315,385-square-foot Class A office building in Jersey City, New Jersey.
CBRE secured a two-year interest-only loan with three one-year extension options on behalf of a partnership between American Realty Advisors and Onyx Equities. Financing was provided by Deutsche Bank.
Shawn Rosenthal, executive vice president, and Jason Gaccione, senior vice president, of CBRE’s Midtown Manhattan office secured the balance sheet loan on behalf the borrower.
“The Exchange Place neighborhood—located within the Hudson Waterfront submarket—is going through a transformation that will result in a dynamic retail streetscape,” said Mr. Rosenthal. “30 Montgomery is well positioned to capitalize on this, with its redeveloped retail space and breathtaking views of the Hudson River from the office floors. The lender was drawn to the exciting residential, retail and office activity in the growing and vibrant Jersey City market as well as the strong institutional buyer and experienced operating partner. ”
30 Montgomery is conveniently located adjacent to the Hudson light rail system, and within one block of the Exchange Place PATH train, which provides commuters with non-stop access to Wall Street in less than five minutes. The property underwent extensive renovations from 2013-2015—with more than $25 million of capital invested—which have transformed 30 Montgomery into a premier Class A property.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
