The developer of MetLife Investors’ new headquarters is seeking about $50 million in construction financing for the project, a source with knowledge of the situation told Commercial Observer.
At 67 Whippany Road in Morris County, N.J., the built-to-suit HQ will rise, with completion slated for mid-2016.
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.
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 RECon.
New York City’s infrastructure problems may be pushing more companies to open data centers in New Jersey. According to commercial real estate expert Rick Drescher, a growing portion of new companies in the metro area are choosing to open data centers in New Jersey due to better infrastructure and lower costs.
Post-Tropical Storm Sandy
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.”
In the wake of tropical storm Sandy, questions about the vulnerability of Manhattan-based data centers may give rise to an increase in demand for data center space elsewhere in the tri-state area—possibly New Jersey.
Sandy’s impact on New York City data centers – which shut down popular websites Gawker, BuzzFeed and Huffington Post – will Read More
The Suburban Report, 2011
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
Connecticut Governor Dannel Malloy wasted little time in locking in four of the five companies he promised would bring the state more jobs under his so-called “First Five” plan, an initiative launched this year with the intention of luring new companies to the Constitution State with incentives.
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.
Planes Trains & Automobiles
Real Estate equity fund Multi-Employer Property Trust made New Jersey history yesterday when it announced it had purchased the Newport Tower in Jersey City, New Jersey for $377.5 million.
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