CBRE secures $150M financing for high-rise tower in Hoboken

By Emily Bader
Hoboken | Aug 21, 2019 at 10:15 am

CBRE announced Tuesday it has secured a $150 million loan to refinance 111 River St., a 13-story, Class A high-rise office tower in Hoboken.

CBRE’s Capital Markets’ Debt & Structured Finance team of Shawn Rosenthal and Sunny Somaiya secured the loan on behalf of Mack-Cali Realty Corp. The loan was funded by Apollo Global Management through Athene Annuity & Life Assurance Co.

“The financing markets embraced this trophy asset situated on the waterfront promenade in Hoboken with unobstructed, breathtaking views of the Manhattan skyline and located steps from numerous transportation options into Manhattan. The quality of the asset, strength of sponsorship, and core location led to incredible lender demand for this loan,” Rosenthal said.

The property, which is situated on the Hudson River waterfront, is leased to a diverse mix of tenants, including John Wiley, Sumitomo Mitsui Trust Bank and Crunch Fitness.

It is located within close access to the Hoboken Terminal.

Emily Bader | ebader@roi-nj.com | emilybader