Waterfront Corporate Center in Hoboken — Courtesy: SJP Properties
By Joshua Burd
An investment group has secured nearly $184 million in financing for its recent acquisition of a prominent office building in Hoboken, in a deal arranged by Meridian Capital Group.
According to the debt placement team, which represented David Werner Real Estate Investments, SJP Properties and Jeremy Rieder’s Onyx Partners, the package includes $153.8 million in senior financing and $30 million in preferred equity. Proceeds supported the joint venture’s purchase of Waterfront Corporate Center I, a 14-story, 566,215-square-foot building at 111 River St. and one of three adjacent buildings originally developed by SJP.
Meridian Senior Managing Director Drew Anderman and Vice President Eddie Haber negotiated the financing.
“We are excited to have facilitated this highly accretive financing package for a best-in-class group of sponsors and are appreciative of both BMO and 3650 REIT, who were incredible lending partners and worked expeditiously to close this time-sensitive acquisition,” Anderman said.
The acquisition, which SJP announced in late January, gave the firm full control of Waterfront Corporate Center. Tenants at the campus include EY, Marsh & McLennan, Newell Brands, Walmart, RMS, Pearson and Wiley and roster of high-end restaurants and retailers, while the complex is a short walk from rail, bus and ferry service at Hoboken Terminal and steps from the city’s acclaimed downtown.
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