A $128.3 million loan has been secured for the development by JLL, working on behalf of the developer, Kaizen Development Partners, to secure the five-year floating-rate construction loan.

The joint venture partnership says it will embark on a multi-million-dollar repositioning of the property. Keystone reports that it will also relocate its headquarters, currently located at SORA East in Downtown Conshohocken, to the office complex.

At a press conference in Secaucus, federal and state officials, as well as representatives from Amtrak, NJ Transit and the Gateway Development Corp. sponsor of the Hudson Gateway Tunnel program, stressed the need for the replacement of the 108-year-old moveable Portal Bridge, which has been estimated to cost $1.6 billion.