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Mid Atlantic Real Estate Journal — New Jersey — March 14 - 27, 2014 — 5B
www.marejournal.com
For the 173,576 s/f South Independence at The Shipyard multifamily property Meridian Capital Group arranges $60 million in permanent financing in Hoboken, NJ
H
OBOKEN, NJ — Meridian Capital Group, LLC negotiat-
ed a $60 million mortgage for the refinancing of the South Independence at The Shipyard multifamily property located in Hoboken on behalf of South Independence Associates, LP, an affiliate of Ironstate Hold- ings, LLC. The 12-year loan features a competitive fixed-rate of 3.63% and was provided by a balance sheet lender. This transaction was negotiated by Meridian Capital Group senior vice presidents, Russ Drebin and David Cohen , who are both located in the company’s Iselin, NJ office. South Independence at The Shipyard is a 13-story, 173,576 s/f multifamily property lo- cated at Two 12th St. and contains 150 luxury apart- ments and state-of-the-art amenities including a 24-hour doorman, outdoor pool, fitness center, parking garage, dog run, children’s play area, and bicycle racks. Tenants also benefit from easy access to transportation with a shuttle to the PATH train and on-site ferry service to Downtown and Midtown Manhattan. The subject property is part PARSIPPANY, NJ — CBRE Group Inc. an- nounced that its Debt & Structured Finance team has completed a $38 million refinancing of a fully-leased Parsippany office building. The CBRE team of James Gunning , Donna Falzara- no , and Evan Kleppe , se- cured a 10-year, $38 million loan at a sub-5% interest rate through Relius Fi- nancial , on behalf of the borrower, Jeffroad Green, LLC. The loan was secured by a fully occupied, 206,155 s/f suburban office building
of The Shipyard development, a residential and retail com- munity containing more than 1,000 units located on the Hudson River in the northern section of Hoboken. Formerly the site of the Bethlehem Steel Company, Ironstate trans- formed a defunct shipyard into a vibrant mixed-use commu- nity by integrating the area’s rower and in-depth knowledge of the development to provide favorable balance sheet loan terms on an expedited basis. In addition, Meridian helped the borrower manage inter- est rate risk by rate locking a competitive interest rate at application and tailoring flexible prepayment terms,” said Cohen. “Working with the talented team at Ironstate has been a true pleasure, and we look forward to continuing our partnership as this dynamic company continues to develop their unique brand of class A developments,” he added. n CBRE Group, Inc.’s Debt & Structured Finance team completes $38 million refinancing The Shipyard industrial traditions with signature architecture, public parks, pedestrian walkways, and a marina. The other rental properties in The Shipyard include the 185-unit North Independence, the 196-unit Vanguard, the 138-unit North Constitution, the 258-unit South Sovereign, and the 293- unit Berkshire. “Given the volatility of the treasury market, Ironstate was seeking to minimize in- terest rate risk as quickly as possible. Meridian had previ- ously arranged financing for Ironstate’s Berkshire at the Shipyard property within The Shipyard development and was able to leverage the lend- er’s familiarity with the bor-
at 399 Jefferson Rd. The financing recapital- ized a prior bridge loan placed in 2010 by the same CBRE team. Jeffroad Green, LLC and Prism Capital Partners , managing part- ner, promptly began an ex- tensive program improving the tenant spaces. The re- sult was a highly functional, state-of-the-art build out befitting a corporate HQ. NYSE-listed Pinnacle Foods and Biomet Spine &Healing Technologies each signed long term leases and CBRE was able to obtainmaximum
proceeds at a competitive interest rate. 399 Jefferson Rd. was orig- inally constructed in 1970, renovated in 1989, and reno- vated and expanded in 2010- 11. The owner, in securing the leases for the property, also secured approvals for and completed construc- tion of a 28,000 s/f building expansion. More than $24 million was invested into the tenant spaces, creating state-of-the-art headquarter environments and special- ized research and develop- ment spaces. n
399 Jefferson Rd.
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