August 21, 2019
CBRE Capital Markets secured a $150-million, 10-year fixed rate loan to refinance 111 River St., a Class A office high-rise on the Hudson River waterfront in Hoboken, NJ. The firm’s Shawn Rosenthal and Sunny Somaiya secured the loan on behalf of owner Mack-Cali Realty Corporation.
The non-recourse loan was funded by Apollo Global Management through Athene Annuity & Life Assurance Company.
“The financing markets embraced this trophy asset situated on the waterfront promenade in Hoboken, with unobstructed, breathtaking views of the Manhattan skyline and located steps from numerous transportation options into Manhattan,” said Rosenthal. “The quality of the asset, strength of sponsorship and core location led to incredible lender demand for this loan.”
111 River St. is leased to a diverse roster of credit-oriented tenants, including John Wiley, Sumitomo Mitsui Trust Bank, and Crunch Fitness. The property is located within steps of Hoboken Terminal, offering multi-modal access to Manhattan.
For comments, questions or concerns, please contact Paul Bubny