NJ Office Asset Lands $66M
- Dec 06, 2017
Beijing Ideal Property Development Co. Ltd. has secured $66.6 million in financing for One Newark Center, a Class A office building in Newark, N.J. Morgan Stanley Bank N.A. provided the 10-year, fixed-rate financing that Cushman & Wakefield negotiated on behalf of Beijing.
Located at 1085 Raymond Blvd., the financing is for floors six to 22 of the 423,028-square-foot building. Comprising 22 floors and an adjacent 10-story parking garage, the property is located within Newark’s central business district and one block from Newark Penn Station.
Cushman & Wakefield’s Equity, Debt and Structured Finance team of John Alascio, Sridhar Vankayala and Noble Carpenter represented Beijing in the transaction. “Despite the unique collateral structure and foreign sponsorship, we were able to generate strong interest and competition which enabled us to close with attractive terms including recourse carveouts limited to the borrowing entity only,” said Executive Director Alascio, in prepared remarks.
In November, Cushman & Wakefield was tapped by a joint venture between Onyx Equities and Garrison Investments to lease its recently purchased four-building office portfolio in Bergen County, N.J.
Image courtesy of Cushman & Wakefield