Upscale NJ Community Lands $115M Financing
- Apr 05, 2019
Hartz Mountain Industries has received a $115 million mortgage loan for The Harper at Harmon Meadow, a recently built 469-unit apartment community in Secaucus, N.J. New York Life Real Estate Investors provided the financing on behalf of New York Life Insurance Company.
Located at 100 Park Plaza Drive, the luxury rental building is part of the sprawling Harmon Meadow mixed-use community. The property, which had its grand opening in January 2018, consists of three mid-rise buildings offering studio, one-bedroom and two-bedroom layouts. Amenities include a business center, fitness center, clubhouse and saltwater swimming pool.
The LEED-certified property is nearby Route 3 and the Lincoln Tunnel and offers bus service to New York City, along with a free shuttle to the Secaucus Junction train station. Harmon Meadow spans more than 3.5 million square feet, including nearly 30 restaurants, nine hotels, offices, a convention center and other facilities in addition to the apartments.
“The property’s location in the mixed-use Harmon Meadow development and the nearby transportation linkages create an outstanding live-work-play environment with excellent access,” commented Keith Duane, director in NYLREI’s Northeast Regional Office in a prepared statement.
NYLREI had over $53.1 billion in assets under management as of September 2018 and is on the hunt for property acquisitions throughout the U.S. In January of this year, the investment firm scooped up a Class A office building in Atlanta for $166 million on behalf of a joint venture between New York Life Insurance Co. and Ilmarinen Mutual Pension Insurance Co.