HFF announced today that it has arranged a $200 million refinancing for Newport Tower, a 1.1 million-square-foot, Class A office tower in Jersey City, New Jersey.
HFF worked exclusively on behalf of MEPT Newport Tower LLC, a subsidiary of Multi-Employer Property Trust and advised by Bentall Kennedy, to secure the seven-year, 3.5 percent fixed-rate loan through Prudential Mortgage Capital Company.
Completed in 1990, Newport Tower is located at 525 Washington Boulevard in the Newport area of Jersey City. The 36-story LEED Gold property features amenities such as a full-service café, sundry shop, deli, on-site banking, covered parking and direct connection via a skywalk to the 1.2 million-square-foot Newport Centre Mall. The building is 90 percent leased to tenants including AXA, BNP Paribas, Brown Brothers Harriman, Bank of America Merrill Lynch, and Computershare.
The HFF team representing the borrower was led by managing director Cary Abod and senior managing directors Whit Wilcox, Mike Tepedino and Tom Didio.Multi-Employer Property Trust (“MEPT”) is an open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the United States. Founded in 1982, MEPT now has more than $5.56 billion in net assets and has become one of the largest real estate equity funds in the U.S. Bentall Kennedy is one of North America’s largest real estate investment advisors, providing its clients with access to one comprehensive North American real estate platform. Bentall Kennedy serves the interests of more than 500 clients on assets of more than $27 billion across 140 million square feet of office, retail, industrial, apartment and hotel properties. Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.