NEWARK—KBS Strategic Opportunity REIT, a publicly offered, non-traded real estate investment trust, has announced the acquisition of a non-performing first mortgage loan collateralized by a 317-unit multifamily tower encompassing 268,688 sq. ft. located at 1180 Raymond Blvd. in Newark. The approximately $54.5 million mortgage loan was purchased at a discounted price of $35 million. As this is a non-performing loan, KBS Strategic Opportunity REIT does not expect to receive repayment of the entire principal balance.
The building, also known as Eleven80, stands 37 stories tall and is the only high-rise apartment building in downtown Newark.
Originally constructed in 1929 as an office building, the property was renovated into luxury residential units in 2005. The studio, one and two-bedroom units range in size from 598 to 1,366 sq. ft., and feature 12-ft. ceilings, granite countertops, marble bathrooms and other upgrades.
Onsite amenities include a health club, half-court basketball court, four-lane bowling alley, multimedia entertainment center, private lounge, and dry cleaning and shuttle services.