Updated Oct 28, 2024
Walker & Dunlop Arranges $82.5M Loan For Newark Office Property With CTL Capital As Lender
11 Centre Place, Newark, NJ 07102, USA
$82,500,000
$16/SF
Building Size
5,000,000 SF
Asset Type
Office
Closing
Jun 22, 2020
About this deal
AI
Located at 11 Centre Place in Newark, N.J., this office property was involved in a recent closed transaction. The property spans over 500,000 square feet and is owned by The Claremont Group.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $82,500,000
- Address: 11 Centre Place, Newark, N.J
- Market: Newark, N.J
- Lender: CTL Capital
- Loan Terms: The loan has a 21.5-year term, maturing in line with a recently renewed 20-year lease signed by the U.S. General Services Administration (GSA). The loan carries an interest rate of sub-3 percent and includes six years of interest-only payments.
The transaction was facilitated by brokers Aaron Appel, Keith Kurland, Jonathan, Adam Schwartz, Michael Diaz, and Michael Ianno of Walker & Dunlop.
Players
Newark Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93