The initial term of the leasehold is 50 years, with options for another 49 years. Total value for the initial term is in the $204 million range, according to Matrix officials.
As exclusive financial advisors to Matrix, Tom Didio and Jim Cadranell of the Edison, NJ office of the Texas-based HFF, arranged the fixed-rate permanent financing for a 10-year term, amortizing over a 30-year schedule, through The Dime Savings Bank of New York. The 412,000-sf, 20-story Newark Legal Center, located at One Riverfront Plaza, is currently 100% leased, with a tenant roster made up mostly of legal and professional firms.
"The long-term, fixed rate leasehold financing was structured to meet Matrix's business plan for the property," according to Didio. "Matrix and The Dime Savings Bank deserve credit for their willingness to work with the Port Authority through difficult issues arising from the events of September 11th."
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