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.
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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