Prudential Provides $200M Financing to Bentall Kennedy
Prudential Mortgage Capital Company provided a $200 million loan to Bentall Kennedy, the real estate advisor to Multi-Employer Property Trust's Edgemoor REIT LLC, to finance the purchase of Newport Tower, a 1.1 million-square-foot Class-A office tower in Jersey City. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
The seven-year, fixed-rate loan is a first mortgage for Bentall Kennedy's purchase of the property. Originally constructed in 1990, the 36-story tower stands as part of Jersey City's 600-acre Hudson River waterfront Newport District. The LEED Gold and Energy Star certified building has direct access to Manhattan via an adjacent train station. Bentall Kennedy is one of the largest real estate investment advisors in North America.
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