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CBRE Arranges $38M Mortgage Financing for Metropolitan Center

EAST RUTHERFORD, NJ-The Strategic Partners-owned, 421,050-square-foot, class A office building was 85% occupied at closing.

By Alyson Grala | Updated on March 24, 2010

EAST RUTHERFORD, NJ-CB Richard Ellis’ Capital Markets Debt & Equity Finance group recently arranged a $38-million, short-term fixed rate mortgage loan for Metropolitan Center, a 421,050-square-foot, class A office building located at One Meadowlands Plaza here. CBRE’s Debt & Equity Finance New Jersey and Chicago offices represented the borrower, Strategic Partners US Value V, and Northwestern Mutual Life acted as the lender.

This mortgage financing followed Strategic Partners’ 2008 acquisition of the property, which was originally purchased as part of a larger portfolio. The financing secured is at a competitive rate for a five-year term and 25-year amortization. The building was 85% occupied at closing.

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