NEWARK, NJ—The $122.8 million loan financingthe Two Gateway office property in Newark has beensent to special servicing, according to,a service that monitors securitized mortgages, but the property'sowner, C&K Properties, says the move is a"necessary procedural step" for the property.C&K is coping with the departure ofPrudential Financial following the completion ofthe financial services giant's new office tower in Newark.

"It has been widely reported that Prudentialhas vacated the vast majority of its office space in theGateway Complex to move to its new headquartersbuilding in Newark," Ben Korman, cofounder andprincipal of C&K Properties says in astatement provided to "Despite having made significantinroads through an aggressive leasing campaign, we must take thisnecessary procedural step to ensure that we are able to continue toprovide first-rate ownership and management of this asset for thelong term."

C&K declined to comment beyond thestatement.

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for, a public policy news coverage website focused on New Jersey government and industry; and for clients of, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].