NEWARK-The non-performing loan on a 317-unit luxury rental tower at 1180 Raymond Blvd., Newark’s only high-rise apartment building downtown, has been acquired by KBS Strategic Opportunity REIT for the discounted price of $35 million.
The first mortgage on the distinctive 37-story multifamily property was for $54.5 million. “KBS Strategic Opportunity REIT does not expect to receive repayment of the entire principal balance,” says the company in a brief statement.
Eleven80, as the building is known, was opened with fanfare in 2006 by Cogswell Realty Co., which had transformed a historic former office tower to become the city’s first new luxury housing project in 40 years
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