CBRE announced last week it arranged $328 million in debt and equity financing for the purchase of 101 Hudson St. in Jersey City.
The firm said Oct. 21 it advised on the assumption of a $250 million commercial mortgage-backed security loan and arranged a $78 million preferred equity investment from SKW on behalf of the buyer — a partnership of Mark Meisner, president and founder of the The Birch Group, and 2020 Vision’s Abe Greenhut.
The buyers invested approximately $70 million of common equity to facilitate the acquisition and value-add business plan, CBRE said.
In the beginning of October, Veris Residential announced it closed the $346 million sale of the property, also known as the Merrill Lynch Building, which was arranged by Cushman & Wakefield. The deal was announced in September 2021, when Veris Residential was still Mack-Cali Realty Corp.
At 42 stories, the office tower offers 1.35 million square feet in Jersey City’s Exchange Place along the waterfront.
With views of the Manhattan skyline, the building has certified platinum internet connectivity, multiple restaurants and a landscaped courtyard; according to CBRE, the new owners plan to renovate and update the lobby and common areas.
“The acquisition of large value-add office buildings in the current capital markets are extremely rare and challenging to execute,” Rosenthal said in a statement. “It was incredible to be involved with the buyers, who had the determination, focus and expertise to complete this acquisition during these challenging times.”
According to McCarter & English’s website, the firm represented The Birch Group in the acquisition.