Kuwait-based KFH Capital Investment Company secured a $107.3 million loan for its purchase of the former Panasonic headquarters in Newark.
CBRE Capital Markets’ Debt & Structured Finance team arranged the financing for the acquisition of Two Riverfront Plaza, a 337,543 s/f 12-story office tower developed as Panasonic Corporation of North America’s headquarters in 2013.
James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, NJ, office secured the loan from Ladder Capital, which was was able to accommodate the borrower’s financing objectives, despite the post-election lending climate, said the brokerage.
KFH Capital Investment, the investment management subsidiary of the bank Kuwait Finance House, purchased 2 Riverfront Plaza fro $165 million from SJP Properties and Matrix Development Group, which developed the property for Panasonic, who will continue to occupy the proeprty through 2031.
The building achieved LEED Platinum Certification for its interiors and LEED Gold Certification for its core and shell.
Connected to Newark Penn Station, the buildingʼs location is enhanced by Newark’s expanding 24/7 lifestyle environment, with more than 1,000 apartments currently under construction and the presence of major national retailers, including Starbucks, Nike and Whole Foods.
In addition, there is currently more than $500 million being spent in capital investments at universities in Newark. KFH Capital bested several other international investors for the trophy property, according to the Wall Street Journal.
Arch Street Capital Advisors advised KFH Capital on the acquisition.
Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, working in collaboration with Dudley Ryan of CBRE’s East Brunswick office, marketed the property on behalf of the sellers.
