Cushman & Wakefield Arranges $66.6M Loan For One Newark Center Acquisition

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.