New York Life Provides $115M Refinancing for Multifamily Community in New Jersey
SECAUCUS, N.J.— New York Life Real Estate Investors, on behalf of New York Life Insurance Company, has provided a $115 million loan to refinance The Harper at Harmon Meadow, a 469-unit multifamily community in Secaucus, across the Hudson River from Midtown Manhattan.
Located at 100 Park Plaza Drive, the newly constructed community is part of the master-planned Harmon Meadow mixed-use development, which includes apartments, dining, hotels, shopping and entertainment.
Amenities at The Harper at Harmon Meadow include club lounges, fitness facilities in each building, saltwater swimming pool, outdoor athletic course and yoga studio. The community features studio, one- and two-bedroom apartments.
Rents at the community start at $1,975 for studio units, $2,255 for one-bedroom units and $2,910 for two-bedroom units.
New York Life Real Estate Investors provided the financing to property owner Hartz Mountain Industries Inc. Terms of the financing were not disclosed.
“The property’s location in the mixed-use Harmon Meadow development and the nearby transportation links create an outstanding live-work-play environment with excellent access,” says Keith Duane, director in New York Life Real Estate Investors’ Northeast office.
— David Cohen