Cushman & Wakefield Inc. was exclusive adviser to Beijing Ideal Property Development Co. Ltd to secure $66.58 million of financing for One Newark Center.
The 10-year, fixed-rate financing was provided by Morgan Stanley Bank N.A.
The transaction includes loan proceeds, an interest-only period and carveouts limited to the borrowing entity.
The property represents the sixth to 22nd floors of the center, located at 1085 Raymond Blvd. in Newark.
The 22-story, 423,028-square-foot building has an adjacent 10-story parking garage and is in the heart of the Newark central business district. It’s a block from Newark Penn Station, 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 Beijing Ideal 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 Alascio, Equity, Debt and Structured Finance president.
“The asset quality, robust cash flow and strong occupancy over the years were highly attractive to lenders,” Vankayala added.