This mortgage financing followed Strategic Partners' 2008 acquisition of the property, which was originally purchased as part of a larger portfolio. The financing secured is at a competitive rate for a five-year term and 25-year amortization. The building was 85% occupied at closing.
Originally built in 1986, Metropolitan Center is a 14-story, trophy-quality office tower that recently underwent a $15 million capital improvement program. The property sits on a 10.5-acre parcel of land that overlooks the Meadowlands Sports Complex, home of the New York Giants and New York Jets. The property features parking, cafeteria, complimentary fitness center, conference room, on-site dry cleaning, car wash and shuttle bus service to Secaucus Junction train station. It is also adjacent to the 427-room Sheraton Meadowlands Hotel & Conference Center.
The successful arrangement of this financing is a positive sign of the market's overall health and its shift toward recovery, according to CBRE's Jim Gunning and Donna Falzarano of the New Jersey office and John Clifford and Keith Huizinga of the Chicago office, who teamed up to secure the financing on this transaction.
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