Secaucus luxury community secures $115M in financing

April 09, 2019 04:45PM

New York Life Real Estate Investors (REI), an affiliate of New York Life Insurance Company, agreed last week to provide $115 million in financing for a 469-unit apartment complex in Secaucus called The Harper at Harmon Meadow, as noted by Real Estate NJ. Rents in at the Hudson County luxury building, which opened in February 2018 and is owned by developer Hartz Mountain Industries, start at $1,975 for studios and go up to $2,910 for two-bedroom units. Hartz Mountain, led by chairman and CEO Leonard Stern, has been one of the main benefactors of the last-mile industrial boom in the Meadowlands area, which has been critical to the growth of Harmon Meadow, a mixed-use development located in Secaucus’ central business district that also includes dining, entertainment, hotels and shopping. The financing for the deal was finalized two months after New York Life REI closed on $31 million in financing for Hartz Mountain’s Jersey City waterfront asset 15 Exchange Place. Secaucus-based Hartz Mountain, which began its work in the region in 1981, has developed more than 1,500 hotel rooms, one million square feet of retail and 2 million square feet of office space within the Harmon Meadow complex. The developer was most recently in the news over an application to rezone a tract of land in the Township of Cranford to accommodate residential development for a 905-unit apartment complex at 750 Walnut Avenue. [RE-NJ]