The financing is secured by an apartment building and an office property. The Pacific at Newport is a 29-story multifamily property with a total of 336 units, located at 25 River Rd. The Pacific tower opened in the fall of 2002 and is part of Newport's 4,000-unit residential component.
The office building covered as part of the financing package is Newport Office Center VIII, located at 100 Pavonia Ave. Major tenant of the 90,000-sf, six-story class A building is the University of Phoenix, the country's largest accredited online institution, which occupies 23,000 sf for its New Jersey headquarters.
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