Mortgage Observer

Extell, Kushner Companies Close $132M in Financing For New Jersey Purchase

Pier Village

A partnership of Extell Development and Kushner Companies closed a new take-out loan of $97 million while assuming $32 million in debt on a New Jersey multifamily building the pair purchased last November.

The duo bought Pier Village, a 492-unit mixed-use development at One Chelsea Avenue in Long Branch, for $180 million, with $51 million in bridge financing from Capital One. Now, they’ve finalized a $97 million long-term fixed-rate take-out with Fannie Mae, which retired the Capital One bridge loan, and assumed a $32 million Freddie Mac loan on the property originated by PNC Bank, according to representatives for both companies. The Freddie Mac loan was originated in mid-2013 and carries a seven-year term. Read More

ICSC 2014

Long-stalled BJ’s in New Jersey To Get $50M For Resurrection

The inside of a BJ's Wholesale Club

A new BJ’s Wholesale Club store in Howell, N.J., will receive $50 million in funding from Fox Chase Bank brokered by Eastern Union, Mortgage Observer has first learned.

The project, underway at Route 9 and Lanes Mill Road, will anchor a nearly 300,000 square foot retail center. Eastern’s Eli Breiner just sewed up the deal yesterday, finalizing the details while in Las Vegas at ICSC REConRead More

Expansions

Winick Builds on Garden State Expansion With Jersey Investment Sales Division

Urszula Zoltek

Months after launching a New Jersey office, Winick Realty Group is doubling down across the river with a New Jersey investment sales division.

“The investment sales market is red hot right now, with a substantial amount of business that reaches prerecession levels,” Tyler Bennett, a senior vice president and founding partner of the office, said in a prepared statement. “We believe it is the right time to launch an investment sales division to meet this demand.” Read More

Morristown’s Headquarters Plaza Leases 75,000 Square Feet

(Courtesy of Korf & Rosenblatt)

The first quarter of 2012 ended on a strong note across the Hudson River in the historic Morristown, New Jersey.

The 706,000 square foot Class A commercial center at Headquarters Plaza sits on the pedestrian-friendly and urban Speedwell Avenue. Cushman & Wakefield of New Jersey was the exclusive brokerage firm for the complex and has Read More

Investment Tales

Hudson Waterfront Draws Interest From Institutional Investors

mike stoler photo from television

The demand for office space is New Jersey is considered “tepid” in a report by Cassidy Turley.

The Northern New Jersey office market ended the third quarter with a vacancy rate of 14.5 percent, a slight increase from the end of the second quarter. Office-market activity slowed in the third quarter, resulting in 339,408 square feet of negative absorption. Class B office space continues to account for the majority of negative absorption in the market, representing 92 percent of this quarter’s negative demand. Read More

Planes Trains & Automobiles

They Can’t Even Afford a Second Manhattan Station, But Now the 7 Train Will Stop in Secaucus?

Westward, ho… after all!

In the confusion following the disappearance of the ARC Tunnel last month, the biggest question seemed to be what would happen to the $3 billion the federal government had set aside for the trans-Hudson train tunnel, by certain measures the largest transportation project ever undertaken. Local politicians, including Mayor Bloomberg Read More