HFF arranges $200M Refinancing for Newport Tower in Jersey City

NEW JERSEY—HFF has arranged a $200 million refinancing for Newport Tower, a 1.1 million-sq.-ft., Class A office tower in Jersey City. HFF worked exclusively on behalf of MEPT Newport Tower L.L.C., a subsidiary of Washington, D.C.-based Multi-Employer Property Trust and advised by Bentall Kennedy, to secure the seven-year, 3.5 percent fixed-rate loan through Prudential Mortgage Capital Company.

The HFF team representing the borrower was led by Managing Director Cary Abod and Senior Managing Directors Whit Wilcox, Mike Tepedino and Tom Didio.

Located at 525 Washington Boulevard in the Newport area of Jersey City, Newport Tower was completed in 1990 and is comprised of 36 stories. The LEED Gold property includes a full-service café, sundry shop, deli, on-site banking, covered parking and direct connection via a skywalk to the 1.2 million-sq.-ft. Newport Centre Mall.

Currently, the building is 90 percent leased to tenants including AXA, BNP Paribas, Brown Brothers Harriman and Bank of America Merrill Lynch, among others.

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