Cushman & Wakefield Arranges $66.6M Loan For One Newark Center Acquisition
FINANCED
$66,599,999
New Jersey
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FINANCED
Cushman & Wakefield Arranges $66.6M Loan For One Newark Center Acquisition
1085 Raymond BLVD, Newark, NJ, 071...
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Summary
NEW JERSEY
Asset Type:Office
Transaction Type:Loan
The acquisition financing of $66.6 million was secured by One Newark Center, a 22-story, 423,028-square-foot office building located at 1085 Raymond Blvd in Newark. The loan was provided by Morgan Stanley Bank, with the property representing floors 6 through 22 of the building, along with the adjacent 10-story parking garage.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $66,599,999.00
- Address: 1085 Raymond Blvd, Newark, NJ, 071...
- Market: Newark
- Borrower's Rep: Noble Carpenter, Sridhar Vankayala (Cushman & Wakefield)
- Lender: Morgan Stanley
John Alascio, along with Sridhar Vankayala and Noble Carpenter from Cushman & Wakefield, were the representatives for Beijing Ideal Group in the acquisition financing deal for One Newark Center. This transaction involved a 10-year, fixed-rate financing structure facilitated by Morgan Stanley Bank.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$66,599,999.00
Monthly NOI$443,999.99
Monthly Debt Service$420,957.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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