Jersey City, NJ
CBRE Advises on $328 Million in Senior Mortgage and Equity for the Acquisition of 101 Hudson Street in Jersey City, NJ
October 21, 2022
CBRE Capital Markets’ Debt & Structured Finance team has arranged $328 million of debt and equity financing for the purchase of 101 Hudson Street, a Class A office tower located in Jersey City, NJ. CBRE advised on the assumption of a $250 million CMBS loan and arranged a $78 million preferred equity investment from SKW on behalf of the buyer, a partnership between Mark Meisner of the Birch Group and Abe Greenhut of 2020 Vision. The buyers invested approximately $70 million of common equity to facilitate the acquisition and value-add business plan.
The CBRE team of Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz facilitated the financing on behalf of the borrower.
“The acquisition of large value-add office buildings in the current capital markets are extremely rare and challenging to execute. It was incredible to be involved with the buyers, who had the determination, focus and expertise to complete this acquisition during these challenging times,” said Rosenthal.
101 Hudson Street, also known as the Merrill Lynch Building, is a 42-story, 1.35 million sq. ft office tower located in the Exchange Place area of Jersey City along the Hudson River waterfront. Situated on one of the largest and most frequently traveled mass-transit hubs in the region, the property boasts unobstructed views of the New York City skyline and offers sophisticated interior design, certified platinum internet connectivity, multiple restaurants, and a landscaped courtyard area. The new ownership plans to renovate and modernize the lobby and common areas and create additional value for its corporate tenants.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.