Real estate firm Cushman & Wakefield announced Friday that it served as the exclusive advisor to Beijing Ideal Property Development Co. in arranging $66.58 million in financing for One Newark Center.
Financing at a 10-year, fixed-rate was provided by Morgan Stanley Bank for floors 6 to 22 at the center.
Seton Hall Law School occupies the first five floors at One Newark Center.
Cushman & Wakefield’s equity, debt and structure finance team of John Alascio, Sridhar Vankayala and Noble Carpenter represented Beijing Ideal Property Development 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 carve outs limited to the borrowing entity only,” said Alascio, executive director for C&W.
One Newark Center, located at 1085 Raymond Blvd., Newark, is a 22-story, 423,028-square-foot building adjacent to a 10-story garage. The property is located one block from Newark Penn Station and is proximal to New Jersey Performing Arts Center, Prudential Center and Newark Museum.
The building, according to Cushman & Wakefield, is home to several government, law and service industry tenants.