111 River St. in Hoboken — Courtesy: CBRE
By Joshua Burd
Mack-Cali Realty Corp. has secured a $150 million loan to refinance a waterfront office building in Hoboken, brokers with CBRE announced Tuesday.
The real estate services firm’s debt and structured finance team represented Mack-Cali in sourcing the 10-year fixed-rate loan for 111 River St., a 566,215-square-foot property just two blocks north of Hoboken Terminal. Apollo Global Management is funding the nonrecourse loan through Athene Annuity & Life Assurance Co.
CBRE’s Shawn Rosenthal and Sunny Somaiya completed the assignment.
“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,” Rosenthal said. The quality of the asset, strength of sponsorship, and core location led to incredible lender demand for this loan.”