$14.75M Refinancing Set for Meadowlands Office Building

SECAUCUS, NJ-Ivy Equities has received a $14.75 million refinancing package for its 300 Harmon Meadows, a six-story, 123,000-sf office building here. Ivy bought the property last March, and will use the financing proceeds to retire acquisition debt provided by a local bank.

The financing was arranged by senior managing director Jay Marshall and director Elizabeth Paolella of the Westport, CT office of Holliday Fenoglio Fowler, the commercial mortgage banking firm. The seven-year, fixed-rate securitized financing was secured through JP Morgan Mortgage Capital, a conduit lender.

300 Harmon Meadows sits on a six-acre site within the Harmon Meadow Corporate Plaza, adjacent to a half-acre site that is under a long-term land lease to Hampton Inn. Built in 1983, the building is currently 100% leased to 13 tenants, led by Bank of America Corp. and Bank One Corp.

“Many of the tenants have invested heavily in their space,” according to Marshall. “That includes Bank of America, which used its space as a disaster recovery center after the September 11th terrorist attacks.”