M&T provides $100M financing for Hartz/Maxal luxury rental building

By Eric Strauss
Weehawken | Dec 4, 2019 at 12:37 pm

M&T Bank has financed a new luxury apartment building in Weehawken, it announced Wednesday, providing the developers with a $100 million syndicated loan.

Harbor 1500, a project developed by Hartz Mountain Industries and the Maxal Group, has 236 units in a property extending 765 feet into the Hudson River.

“Having developed over 1,500 residential units over our history, we’re committed to providing residents with well-located luxury rental communities that offer shorter commutes and a wealth of amenities,” Gus Milano, Secaucus-based Hartz Mountain’s president and chief operating officer, said in a prepared statement. “We are excited to have closed on this financing with M&T Bank and the Maxal Group, which brings us another step closer to fulfilling that commitment.”

The property is part of Hartz Mountain’s Lincoln Harbor Complex, which includes a new Whole Foods Market, as well as residential and office space, and more. Once an office building and pier that provided logistics services, the new Harbor 1500 now has 30,000 square feet of amenities, including decks with views of the New York City skyline.

“M&T is proud to support the growth of Harbor 1500 and Lincoln Harbor Complex,” Anthony Filorimo, a vice president with Buffalo, New York-based M&T — which has a major New Jersey presence — said in a statement. “Not only does the new complex developed by Hartz and the Maxal Group provide modern, luxury housing at a more attainable price for New Jersey residents, it offers convenience and accessibility to the New York metropolitan area’s major employment centers.”

Apartments are now available for lease.