Leviathan Capital Arranges $6.5 Million Acquisition Loan For 24 Commerce Street Office In Newark

24 Commerce Street is a 180,000-square-foot office building located in Newark, NJ. It was financed through a $6.5 million acquisition loan, purchased from a special servicer following a foreclosure on a prior loan.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $6,500,000
• Lender: Be Aviv
• Landlord: Hanini Group
• Broker: Joe Hach - Leviathan Capital
• Loan Type: Acquisition

Joe Hach of Leviathan Capital facilitated the acquisition loan, securing 93% of the purchase price with no holdbacks and a partial interest reserve, recognizing the Sponsor’s attractive basis in the deal. The plan includes converting the property to residential use in the future.