SECAUCUS, N.J. — Hartz Mountain Industries has procured an $85 million permanent mortgage from German lender Post Bank that will allow it to refinance an 828,000-square-foot mixed-use portfolio in Secaucus.
The portfolio comprises five properties within Harmon Meadow, a 175-acre campus located at the interchange of the New Jersey Turnpike and Route 3 that is part of the Hudson Meadowlands. The properties include:
• 100 Plaza Drive – a 264,973-square-foot, multi-tenant office building that is anchored by NBA Entertainment.
• The ground lease for a 161-room Holiday Inn located at 300 Plaza Drive.
• Atrium II – a 255,000-square-foot, multi-tenant office building located at 400 Plaza Drive that is also home to Hartz Mountain Industries' corporate headquarters.
• 600 Plaza Drive – a 140,000-square-foot commercial property containing retail and restaurant space.
• 700 Plaza Drive – A 27,000-square-foot data center.
CB Richard Ellis Capital Markets arranged the financing. The Debt & Equity Finance group of James Gunning, Donna Falzarano and Michael Sherman worked on behalf of two Hartz Mountain subsidiaries, Harmon Meadow Plaza Inc. and 400 Plaza Drive Inc., though the financing is a single loan. The mortgage carries a 7-year term, a 25-year amortization schedule and an interest rate based on the LIBOR. The lender was a Post Bank subsidiary, PB Capital.
Harmon Meadow is divided into two parts, The Plaza at Harmon Meadow and Mill Creek Mall. The area contains 2 million square feet of corporate office space, seven hotels, a major convention center, and several hundred thousand square feet of retail, restaurant and entertainment space. Harmon Meadow also features shuttle service to the nearby Secaucus Junction Train Station.
— Coleman Wood