Natixis Lends $197M on Jersey City Office Acquisition
By Andrew Coen February 11, 2022 4:32 pm
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Fred Arena’s Vision Properties has landed $196.9 million of acquisition financing to purchase a mixed-use office property along the Jersey City, N.J., waterfront, Commercial Observer has learned.
Natixis provided the loan for Vision’s 70 Hudson Street, which it acquired this week from Spear Street Capital for $300 million with Hana Financial as a limited partner. Arena is CEO of Vision and Arena Capital Group.
Progress Capital arranged the financing in concert with Cushman & Wakefield (CWK)’s David Bernhaut.
“The debt capital markets continue to show strong interest in core office buildings in Jersey City and New Jersey’s Gold Coast for top-tier sponsors,” Brad Domenico, partner at Progress Capital, said in a statement. “This building certainly fits that box with a best-in-class partnership of Arena Capital and Hana Financial.”
Jared Zimmel led the transaction for Natixis.
The 12-story, 431,281-square-foot development is currently 94 percent leased. It includes 226 garage spaces, and $21 million has been invested in the property for capital improvements since 2016. Anchor office tenants include TD Ameritrade, Federal Home Loan Bank, Gucci and Fidessa. CVS, Row House and Maman occupy the retail portion of the property.
Arena and representatives for Natixis did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
A previous version of this article incorrectly named Progress Capital as a lender in the capital stack.
