Prudential Mortgage Capital provides USD200m financing for Newport Tower
Prudential Mortgage Capital Company has provided a USD200m loan to Bentall Kennedy to finance the purchase of Newport Tower, a 1.1 million-square-foot Class-A office tower in Jersey City.
Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial.
The seven-year, fixed-rate loan is a first mortgage for Bentall Kennedy’s purchase of the property. Originally constructed in 1990, the 36-story tower stands as part of Jersey City’s 600-acre Hudson River waterfront Newport District. The LEED Gold and Energy Star certified building has direct access to Manhattan via an adjacent train station. Bentall Kennedy is one of the largest real estate investment advisors in North America.
“The quality of the asset, its prime location near the Hudson River waterfront with easy access to New York’s financial centre and the quality of the sponsorship with Bentall Kennedy made this transaction extremely attractive,” says Bryan McDonnell, a principal with Prudential Mortgage Capital Company’s Washington, DC office, who, along with junior associate Matthew Klein, originated the transaction.
Mike Keating of Bentall Kennedy says: “The Newport office market remained strong throughout the recent financial downturn and continues to perform well, making Newport Tower a highly desirable property. We are excited to partner with Prudential on this significant transaction.”
Cary Abod, of Holiday Fenoglio Fowler’s Washington, DC office, arranged the transaction.
The building, leased as a multi-tenant tower, is currently 90 per cent occupied, offers panoramic views of the Manhattan skyline, a two-story lobby with floor-to-ceiling windows, smoked glass walls and terrazzo flooring. It also features a covered skywalk providing direct access to the 1.2 million-square-foot Newport Centre Mall.
- How to set up a hedge fund