CBRE Secures $19M Refi on Hartz Property

SECAUCUS, NJ-CB Richard Ellis’ Capital Markets Debt and Equity group recently refinanced a $19-million mortgage loan secured by a first lien on a 197,453-square-foot office/warehouse located at 40 Hartz Way in Secaucus. James Gunning and Donna Falzarano secured financing for the borrower, Hartz Mountain Industries, while a New England-based commercial bank funded the five-year, fixed-rate loan.

“The lender was very impressed with the Meadowlands industrial market, the strength of the sponsor and the primary tenant, Major League Baseball’s cable channel, the MLB Network,” Gunning tells GlobeSt.com.

Originally built in 1973 with 24-foot ceilings, the building has undergone significant upgrades and substantial tenant fit-out, including two studios, 18 loading docks and high-tech broadcasting satellites. MLB has a long-term lease and occupies 142,000 square feet of space, which consists of studio and production areas.