By Mel Fabrikant Monday, March 14 2011 @ 06:02 PM EDT
CBRE Debt & Equity Finance team executes complex refinancing of 828,000 SF portfolio as a single transaction within Harmon Meadow in the Meadowlands
CB Richard Ellis Capital Markets Debt & Equity Finance group procured an $85 million permanent mortgage refinance of a five-asset portfolio within the Harmon Meadow section of the Hudson Meadowlands, located in Secaucus, New Jersey.
CBRE's James Gunning, Donna Falzarano and Michael Sherman secured the permanent mortgage, which has a 7-yr term, 25-yr amortization and low, Libor-based rate. PB Capital, a subsidiary of German-based Post Bank, provided the financing to Harmon Meadow Plaza, Inc. and 400 Plaza Drive, Inc., entities of Hartz Mountain Industries. The mortgage loan was secured by 828,000-square-feet of mixed-use space located within the Harmon Meadow section of the Hudson Meadowlands. The five properties were collectively 93 percent occupied at the time of closing and are described in more detail below: