CBRE Capital Markets’ Debt & Structured Finance team announced that it has secured a $150,000,00010-year fixed rate loan to refinance 111 River Street, a 13-story, Class-A high-rise office tower situated on the Hudson River waterfront in Hoboken, New Jersey. The non-recourse loan was funded by Apollo Global Management through Athene Annuity & Life Assurance Company.
CBRE’s Shawn Rosenthal and Sunny Somaiya in the Debt and Structured Finance group, secured the loan on behalf of Mack-Cali Realty Corporation, a publicly-traded REIT and owner, manager, and developer of premier office and luxury multifamily properties in select waterfront and transit-oriented markets throughout New Jersey.
“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,” said Mr. Rosenthal.
111 River Street 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 providing convenient access to Manhattan within minutes.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
