One of the more prominent new developments along Hoboken’s western edge has been refinanced just about eight years after bursting onto the scene.
CBRE has announced the closing of a $17 million refinancing of 600 Harrison Street, a 46-unit luxury mixed-use complex tucked underneath the palisade cliffs. Built in 2017 by The Daten Group, the property features open concept floor plans with over-sized windows plus an amenity package aimed at tenant attraction and retention.
The CBRE Debt & Structured Finance team of Jason Gaccione, Shawn Rosenthal and Jake Salkovitz facilitated the transaction along with the company’s investment sales team of Fahri Ozturk, Richard Gatto and Zach McHale.
“This execution did not happen without strategic planning,” said Mr. Gatto. “Our team, in conjunction with our Debt & Structured Finance counterparts, strategized with The Daten Group for over a year both analyzing property performance and monitoring market conditions to determine the execution that would deliver the highest proceeds. We are thrilled to be able to deliver such an outstanding outcome for our client.”
Units at 600 Harrison Street are finished with hardwood floors, Caesar Stone quartz countertops, and glass enclosed showers, among other features. The property is located just a few blocks from the 9th Street Station on the Hudson Bergen Light Rail and is home to a first-floor hair salon as a retail component.
“The closing of this refinancing was the best possible outcome for our investors,” said David Ennis, Founder and Principal of The Daten Group. ”600 Harrison is and will continue to be one of the preeminent, boutique communities in Hoboken. We look forward to continuing to deliver a high standard of living for our residents.”
The closing of the loan of 600 Harrison comes on the heels of two recent sales CBRE completed in Hoboken. They include the sale of a development site at 921-931 Madison Street that is currently under construction and an unapproved 13,000 square foot development site at 511-521 Newark Street.
