Deutsche Bank has provided a $75.8 million acquisition loan on a 315,385 sq ft office building in Jersey City, New Jersey.
The bank provided the two-year interest-only loan with three one-year extensions to a partnership between American Realty Advisors and Onyx Equities. The partnership purchased the property for $101 million, bringing the loan-to-value (LTV) to 75 percent.
Kirk Helgeson, CIO at American Realty Advisors, said in prepared remarks that the partnership plans “to stabilize occupancy, significantly grow cash flow, and create a true core asset by renewing and marking in-place below-market rents to market.”
The 16-story building at 30 Montgomery Street is 71.6 percent leased with 46 tenants. The property underwent $25 million in renovations from 2013 to 2015 that transformed the asset into a Class A property, according to CBRE, which helped arrange the financing.
Last month the bank also provided a $45 million acquisition financing on two multi-use buildings on the other side of the Hudson River in the Harlem neighborhood of Manhattan.
American Realty Advisors is a commercial real estate investment management services company with over $7.3 billion in assets under management. Onyx Equities is a real estate investment company that specializes in acquiring and repositioning undervalued properties in the New York Tri-state region, with an aggregate transaction value of $1 billion.