CBRE Group, Inc.'s Debt & Equity Team Completes Finance Transaction for Parking Garage at 1440 Harbor Blvd in Weehawken
WEEHAWKEN, N.J. (October 24, 2013) – CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Debt & Equity Finance Group recently completed the financing of 1440 Harbor Boulevard, a 206,551-square-foot parking garage consisting of 653 spaces in Weehawken, N.J.
The CBRE team of James Gunning, Donna Falzarano, and Evan Kleppe, secured a $14.7 million fixed rate first mortgage loan through a life company lender on behalf of the borrower, 1450 Harbor Boulevard LLC, a subsidiary of Hartz Mountain.
The CBRE team placed the transaction through a lender that offered a very attractive fixed rate on a non-recourse basis. The sponsorship, credit long-term tenancy, and market location were key factors in this highly competitive loan.
Completed in 2006, the six-story parking structure is 100 percent leased to the primary tenant of Lincoln Harbor, which occupies over 700,000 square feet of office space in the surrounding buildings. 1440 Harbor Boulevard is located directly on the Hudson River in a 1.8 million-square-foot mixed-use development known as Lincoln Harbor. The site is also located at the mouth of the Lincoln Tunnel and includes corporate offices, retail stores, restaurants and a hotel.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.