Cronheim Finances Newark’s Second Tallest Building
$28.1MM for 1180 Raymond
Andrew Stewart and Dev Morris arranged $28.1 million in financing for Eleven80, the second tallest building in the Newark, NJ skyline. The loan was structured with a three year term and floating rate for the borrower, an affiliate of KBS Capital Advisors.
The Subject is a 37-story high-rise consisting of 317 units and 418,797 square feet of building area located at 1180 Raymond Boulevard. Situated on a 0.30 acre site, the property was built in 1929 as an office building and converted in 2007 into its current use as a luxury apartment complex. The property additionally contains 7,567 square feet of retail space, currently occupied by TD Bank and a convenience store.
The property’s amenities and services are well in line with other Class A+ apartment projects in New Jersey and Manhattan. These include a 24-hour doorman, shuttle service, bowling alley, billiards room, library, and 8,000-square-foot fitness center. Eleven80 is strategically located two blocks from New Jersey’s largest transit hub, Penn Station, affording the subject property convenient access to New York City and the Hudson Waterfront.
Newark is New Jersey’s cultural, educational, legal and business hub, featuring the New Jersey Performing Arts Center, the Prudential Center, museums, major and minor professional sports, a strong Class A office market and the Federal, District and County court system. One of the key sources for demand are the city’s major employers, all headquartered within a three block radius of the subject property, as well as the city’s educational institutions. As New Jersey’s largest employment center and bustling college town, Newark is incredibly attractive for young professionals seeking an affordable urban living option with the amenities and attractions of a major city.
KBS is one of the nation’s largest buyers of commercial real estate and structured debt investments. Since inception, KBS and its affiliated companies, KBS Capital Advisors and KBS Realty Advisors, have completed over $31 billion in real estate transactions on behalf of six institutional commingled funds, fourteen separate accounts with public and corporate pension funds, five sovereign wealth funds and six public, non-traded REITs.