Cushman & Wakefield announced today that it served as the exclusive advisor to a joint venture between affiliates of Prudential Real Estate Investors and SJP Properties in arranging a $40 million non-recourse fixed-rate loan for 95 Greene St. in Jersey City, N.J. The financing was provided by a regional commercial bank.
95 Greene St. is a 300,000-square-foot, Class-A office building located within the waterfront district of Jersey City, N.J. The building is a former Colgate-Palmolive manufacturing facility that was constructed in stages between 1915 and 1936. It underwent a major redevelopment in 2000 by SJP Properties. Merrill Lynch, Pierce, Fenner & Smith, Inc., a wholly-owned indirect subsidiary of Bank of America Corp., has been a major tenant in the building since 2000.
The property is a part of the Colgate Center Master Plan area, which consists of approximately 10 contiguous blocks that were part of Colgate-Palmolive’s major manufacturing and administrative complex until the 1980’s. Most of the blocks have since been redeveloped into large-scale, Class-A office and residential properties, the largest of which is a 1.5-million-square-foot tower owned and occupied by Goldman Sachs.
Steve Kohn, Mark Ehlinger, Chris Moyer and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt & Structured Finance Group advised the joint venture in arranging the financing.
“We received substantial interest in this opportunity from the lending community due to the strong sponsorship of Prudential and SJP Properties, the long-term tenancy of Merrill Lynch, and the property’s high-quality construction and desirable location,” said Mark Ehlinger, a Cushman & Wakefield Managing Director.
95 Green St. is located just two blocks southwest of Exchange Place, which is one of Jersey City’s major transportation hubs with access to the PATH trains to Manhattan, the Hudson-Bergen Light Rail line, and New Jersey Transit bus lines. Additionally, New York Waterway’s Paulus Hook pier, with ferry service to Manhattan, is located adjacent to the Goldman Sachs tower, which is just three short blocks southeast of 95 Greene St.