JERSEY CITY, NJ–Cushman & Wakefield has secured $40 million in new fixed-rate financing for the Merrill Lynch office building on the Jersey City waterfront that is owned by a joint venture of SJP Properties and Prudential Real Estate Investors.
The 300,000-square-foot building at 95 Greene St. is a former Colgate-Palmolive factory that was redeveloped for Merrill Lynch by SJP in 2000. The building was originally constructed in the early 1900s.
The new financing was provided by a regional commercial bank, according to C & W, which did not disclose the identity of the lender.
“We received substantial interest in this opportunity from the lending community due to the strong sponsorship of Prudential and SJP Properties, the long-term tenancy of Merrill Lynch, and the property’s high-quality construction and desirable location,” said Mark Ehlinger, a C & W managing director.
Besides Ehlinger, Steve Kohn, Chris Moyer and Sridhar Vankayala of C & W’s Equity, Debt & Structured Finance Group advised the joint venture in arranging the financing.
The eight-story structure sits within a 10-block area that served as Colgate-Palmolive’s manufacturing and office complex until the 1980s. Most of the blocks have been redeveloped into large Class-A office and residential properties. The 1.5-million-square-foot Goldman Sachs tower is part of the same district.
95 Green St. is located two blocks southwest of Exchange Place, which is a center for PATH trains to Manhattan, the Hudson-Bergen Light Rail line, and New Jersey Transit bus lines. Ferry service to Manhattan is available at Paulus Hook pier, located adjacent to the Goldman Sachs, three short blocks southeast of 95 Greene St.