Two Riverfront Plaza in Newark, the home of Panasonic Corp. of North America — Courtesy: SJP Properties and Matrix Development Group
By Joshua Burd
A New York-based commercial mortgage lender was the main source of financing for a Kuwait-based firm’s recent $165 million acquisition of the Newark office tower that is home to Panasonic Corp. of North America.
In a news release, CBRE Capital Markets announced that its Debt & Structured Finance team had arranged $107.3 million in financing on behalf of KFH Capital Investment Co. Following a broad marketing process, James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook office secured the loan through from Ladder Capital.
The funds were used for the acquisition of Two Riverfront Plaza, the 337,543-square-foot, 12-story office tower in Newark that was completed in 2013 by SJP Properties and Matrix Development Group. The firms announced earlier this month that they had sold the property, the electronics’ giant’s North American headquarters, to the investment fund.
CBRE said the lender was able to accommodate the borrower’s financing objectives, despite the post-election lending climate, according to the news release. Panasonic has leased the building through April 2031, occupying a location just eight miles west of Manhattan that is connected to Newark Penn Station and the city’s mass transit infrastructure.