X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEWARK-Cogswell Realty Group has picked up a $65-million financing package for its Eleven 80 residential project in this city’s Downtown area. The project involves the conversion of a long-vacant vintage 1930s office tower into 317 rental apartments. The long-term, fixed-rate loan placed with Bear Stearns Commercial Mortgage Inc. will retire existing debt that was used to renovate and convert the property to its new use.”With all that has gone on in Newark over the past few years as part of the city’s renaissance, this project is one of the most important,” says senior managing director Jon Mikula of the Florham Park, NJ office of Holliday Fenoglio Fowler, who co-arranged the financing package. “It is the first new large-scale luxury residential development here in four decades,” says Mikula, who worked the deal with HFF managing director Jim Cadranell, also of the Florham Park office. The financing will be serviced by HFF as well.As reported by GlobeSt.com, Cogswell Realty started work on the conversion, which carries a reported price tag of $108 million, in early 2006. Located at 1180 Raymond Blvd., the 441,000-sf, 35-story art décor tower was completed in 1930 as the Lefcourt Building. The landmark tower was home to many prominent law firms over the years, but had been vacant for a decade prior to Cogswell’s conversion project began.The finished product includes everything from a bowling alley, to a half-court indoor basketball court, and spa and fitness club. Its Downtown location is near the new Prudential Arena, slated to open in the fall as the new home for the NHL’s New Jersey Devils, as well as the Newark Bears minor league baseball stadium, a satellite campus of Seton Hall University and the Newark Penn Station transit hub.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.