Default Resolved in $67M Sale for One Newark Center

Beijing Ideal Property Development Co. reportedly paid $66.6 million for One Newark Center, a 418,026-square-foot office building just a block from Military Park and Penn Station in Newark, NJ.

Just in time, the sale resolves the One Newark Center note, a 2006 loan which had originally matured in December 2011, was transferred to special servicing and entered a maturity payment default in 2012. In servicing, the loan was split into an $82 million A-note and a $9.7 million B-note, with a new maturity date of Dec. 2017.

The owners, a partnership between Praedium Group and Mack-Cali Realty, attempted to sell the building at 1085 Raymond Blvd. in 2012 for $115 million, in 2015 for $95 million and finally earlier this year, through JLL.

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