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Cushman & Wakefield Arranges $66.58 Million Financing for One Newark Center

| December 1, 2017 | 0 Comments

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NEW YORK, Dec. 1, 2017 – Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to Beijing Ideal Property Development Co. Ltd (the “Sponsor”) in arranging $66.58 million of financing secured by One Newark Center (the “Property”) located at 1085 Raymond Boulevard in Newark, New Jersey. The 10-year, fixed rate financing was provided by Morgan Stanley Bank N.A. Cushman & Wakefield successfully negotiated attractive terms for this transaction including loan proceeds, an interest only period and carveouts limited to the borrowing entity, all of which fulfilled the Sponsor’s needs.

The Property in the transaction represented floors 6 to 22 of One Newark Center, a Class A 22-story 423,028 square foot building, along with the adjacent 10-story parking garage. Located in the heart of the vibrant and expanding Newark CBD market, and just one block from Newark Penn Station, the Property is considered one of the highest quality office building in Newark. The Property maintains a strong tenant roster, and is home to various government, law and service industry tenants.

A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Sridhar Vankayala and Noble Carpenter represented the Sponsor 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 John Alascio, Executive Director of Cushman & Wakefield Equity, Debt & Structured Finance.  Sridhar Vankayala, Director, added “The asset quality, robust cash flow and strong occupancy over the years were highly attractive to lenders”.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.

 

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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