1420 Willow Ave. in Hoboken — Courtesy: CBRE
By Joshua Burd
The owner of more than 42,000 square feet of office and retail space in uptown Hoboken has refinanced the property, securing a $21.12 million loan in a deal arranged by CBRE.
According to the debt placement team, Lincoln Financial provided the fixed-rate financing in connection with the building at 1420 Willow Ave. The brokers noted that the property is part of a growing section of Hoboken near several large-scale redevelopment projects, adding to the value of a tenant roster that includes medical and health care office users on the upper floors and street-level retail space that’s leased to West Elm and Gravity Vault, an indoor rock-climbing facility.
CBRE’s Matthew Pizzolato, Josh Stein and Carlos Silva, working alongside the firm’s Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Justin Helbling and Lauren Weinstein, sourced the loan for the 42,205-square-foot asset.
“Congratulations to our client on a successful refinancing of a terrific asset,” Pizzolato said. “Lincoln ultimately stepped up with the most competitive terms, and we continue to see strong interest from lenders for well-located, mixed-use projects such as this with a diverse rent roll.”
