Advance Realty Nabs $85M Refi for NJ Office Building
Advance Realty Group is prepped to refinance the $85 million loan on the Gateway I office building in Newark, N.J., sources close to the transaction told Commercial Observer.
The Gateway I loan comprises 57.7 percent of the Morgan Stanley-sponsored MSC 2007-IQ13 commercial mortgage-backed securities transaction.
The 26-story, 514,956-square-foot Class A office building, also known as One Gateway Center, is located at 7-45 Raymond Boulevard in Newark.
The loan was originated by Natixis Real Estate Capital in March 2007 and matured on April 5, 2017. It had a securitized balance of $95 million.
Gateway I hit radars earlier this week when it was transferred to special servicer LNR Partners for maturity default but news of the transfer seemingly crossed paths with the refi, which is scheduled to close shortly, sources said.
The loan was in special servicing once before then returned to master servicer Wells Fargo in July 2011, according to an alert by Fitch Ratings.
Officials at Advance Realty Group did not immediately return requests for comment.