{"id":36069,"date":"2023-05-04T08:56:11","date_gmt":"2023-05-04T05:56:11","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=36069"},"modified":"2025-03-25T14:40:25","modified_gmt":"2025-03-25T11:40:25","slug":"601w-secures-acquisition-loan","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/601w-secures-acquisition-loan\/","title":{"rendered":"601W Companies Secures Financing for Acquisition & Upgrade of Jersey City Office"},"content":{"rendered":"

601W Companies \u2014 a New York-based investment group \u2014 has secured $375 million in acquisition financing for Harborside 1-3, a three-building office property in\u00a0Jersey City<\/a>, N.J. Part of the loans will also go toward renovation efforts at the more than 2-million-square-foot office complex flanking the Hudson River.<\/p>\n

Approximately $225 million of the total mortgages was provided through a senior loan by Citigroup\u00a0and\u00a0Bank of Montreal\u00a0(BMO), with Meritz Securities\u00a0contributing another $55 million of mezzanine debt<\/a>. Meanwhile, an additional $150 million<\/a> was secured via Lionheart Strategic Management –\u00a0 an affiliate of Fisher Brothers that manages capital on behalf of third-party investors. That package included a senior loan, a mezzanine loan and a preferred equity tranche.<\/p>\n

The three buildings making up Harborside were originally built as industrial properties in 1929 and were subsequently converted into office spaces in the early 1980s. While the buildings have undergone several improvements throughout the years (mostly between 1990 and 2015), Harborside 1 is once again vacant following renovation works led by Elkus Manfredi.<\/p>\n

\u201cPost-renovations, Harborside will epitomize the office product that remains in vogue with end-users, despite the turbulence that the COVID-19 pandemic unleashed on the office market,\u201d said Sang Kim, vice president at Lionheart Strategic Management. \u201cWith its large floor plates, high ceilings, and oversized windows, Harborside 1-3 will surely be the best-in-class office product in a dynamic growth area, especially considering its spectacular planned amenities, adjacency to mass transit and unparalleled views of the NYC skyline.\u201d<\/p>\n

The new amenities will include a fitness center, a lounge with a roof deck and a brand-new conference center.<\/p>\n

Notably, Harborside 2 and 3 are currently 81% leased with several important tenants on long-term agreements that are still in their early years.<\/p>\n

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601W Companies \u2014 a New York-based investment group \u2014 has secured $375 million in acquisition financing for Harborside 1-3, a three-building office property in\u00a0Jersey City, N.J. Part of the loans will also go toward renovation efforts at the more than 2-million-square-foot office complex flanking the Hudson River. Approximately $225 million of the total mortgages was…<\/p>\n","protected":false},"author":56,"featured_media":36070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,4014,39],"tags":[],"class_list":["post-36069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\n601W Cos. 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