New Jersey Office One Met Center Defaults on $76M CMBS Loan: Trepp

Prior to this default, the loan had been current since its 2014 securitization, and the borrower had indicated that it planned to refinance the loan.  

Fred Arena, CEO of Vision Properties, disputed there is any issue with the loan and said his firm is finalizing a five-year loan that is secured by the building. Arena added that the loan is going through Benefits Street Partners and his firm hopes to close it in about a month.

Located at 1 Meadowlands Plaza and near the Meadowlands sports complex that includes MetLife Stadium, the 15-story One Met Center is only six miles from Manhattan. Building amenities include on-site shuttle service, a fitness center, a conference center, a car wash and a massage therapist. 

The building opened in 1986 and was part of the revitalization of the Meadowlands area that included the construction of Giants Stadium (former home of the National Football League’s Jets and Giants that opened in 1976) and Meadowlands Arena (former home of the National Basketball Association’s Nets that opened in 1981). Giants Stadium was leveled in 2011, and Meadowlands Arena has been defunct for years. 

One Met Center was renovated in 2011 and had been appraised at a value of $110 million upon its 2014 securitization, according to Trepp. 

KBS Real Estate Investment Trust sold One Met Center to Vision Properties in July 2014 for $108.7 million.

As recently as the first quarter of 2024, the loan posted a healthy debt service coverage ratio of 2.58x and boasted an occupancy of 94 percent, according to Trepp. The loan is approximately 20.87 percent of collateral behind the CMBS loan JPMBB 2014-C22.

Brian Pascus can be reached at bpasus@commercialobserver.com.