Two Gateway Financing Goes To Special Servicing

NEWARK, NJ—The $122.8 million loan financing the Two Gateway office property in Newark has been sent to special servicing, according to Trepp.com, a service that monitors securitized mortgages, but the property’s owner, C&K Properties, says the move is a “necessary procedural step” for the property. C&K is coping with the departure of Prudential Financial following the completion of the financial services giant’s new office tower in Newark.

“It has been widely reported that Prudential has vacated the vast majority of its office space in the Gateway Complex to move to its new headquarters building in Newark,” Ben Korman, cofounder and principal of C&K Properties says in a statement provided to GlobeSt.com. “Despite having made significant inroads through an aggressive leasing campaign, we must take this necessary procedural step to ensure that we are able to continue to provide first-rate ownership and management of this asset for the long term.”