Cove Property Group has secured a $724.2 million loan from Blackstone Mortgage Trust to refinance Hudson Commons, a 698,000-square-foot trophy office in Hudson Yards.
The upcoming election and swings within the political climate are expected to have as much, if not more, of an impact on the psyche of the investor than other economic trends or indicators.
The deal was announced by New York City-based Meridian Capital Group, which arranged $97 million in acquisition financing to the new ownership.
The innovation of traditional brick-and-mortar for pop-ups have emphasized in-person experiences and driven up foot traffic in areas, but have changed the traditional lease structures for cheaper rents.
The new location it is expected to open for business in the fourth quarter of 2020.
The new 10-year interest-only loan has a fixed rate of 2.99% and matures in December 2029.
Upon completion, Hoboken Heights at 1300 Manhattan Ave. will feature four buildings with 55 luxury residences, including nine penthouses with private elevators and expansive terraces.
PGIM Real Estate Finance arranged the $150 million refinancing for Greenwich Plaza, a two-building office complex located in the central business district of Greenwich, Connecticut.
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