600 Harrison St. in Hoboken — Courtesy: CBRE
By Joshua Burd
The developer of a 46-unit luxury apartment building in Hoboken has refinanced the property with a $17 million loan, in a newly announced deal by CBRE.
The borrower, The Daten Group, completed the project at 600 Harrison St. in 2017, offering homes with open floorplans and oversized windows facing New York City, according to a news release. Renters also have access to a series of high-end amenities and are a three-minute walk from the Hudson-Bergen Light Rail’s 9th Street station, which provides easy access to Manhattan and the surrounding Hudson waterfront.
The CBRE debt and structured finance team of Jason Gaccione, Shawn Rosenthal and Jake Salkovitz, along with investment sales brokers Fahri Ozturk, Richard Gatto and Zach McHale, sourced the debt with an undisclosed lender, working on behalf of The Daten Group and its principals, David Ennis and Craig Rosenman.
“This execution did not happen without strategic planning,” Gatto said. “Our team, in conjunction with our debt and structured finance counterparts, strategized with The Daten Group for over a year both analyzing property performance and monitoring market conditions to determine the execution that would deliver the highest proceeds. We are thrilled to be able to deliver such an outstanding outcome for our client.”
Ennis added: “The closing of this refinancing was the best possible outcome for our investors. CBRE did a wonderful job making sure no stone was left unturned throughout the process. 600 Harrison is and will continue to be one of the pre-eminent, boutique communities in Hoboken. We look forward to continuing to deliver a high standard of living for our residents.”
CBRE noted that the closing follows two recent sales that the firm brokered in Hoboken, including that of a fully approved development site at 921-931 Madison St. and an unapproved 13,000-square-foot development site at 511-521 Newark St. The deals had a combined value of $16 million.
