3650 REIT Provides Preferred Equity in Hoboken Office Deal
3650 REIT has made a $30-million preferred equity investment to help finance the acquisition of Waterfront Corporate Center I, a 558,000-square-foot office asset at 111 River Street in Hoboken, NJ.
The investment carries a term of five years and was provided to a joint venture of David Werner Real Estate Investments, SJP Properties and Onyx Partners. The senior acquisition loan was provided by BMO Financial Group and is slated for the securitization market.
Published reports say the property, part of the Waterfront Corporate Center portfolio originally developed by SJP, traded for about $210 million. With the acquisition, SJP now controls the entire portfolio.
“3650’s high-touch process was instrumental to completing this investment in a timely manner, and we look forward to a continued long-term relationship with the transaction sponsors and with BMO Financial Group, the senior lender for the transaction,” said Jonathan Roth, 3650 managing partner.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).