Traded Media shared that Axonic Capital has secured a term extension for a $285 million loan for structures in Newark’s Gateway Center, facilitated in part by a substantial, 25-year lease recently signed with New Jersey Transit at the property. This extension brings the loan’s fully extended maturity date to December 2026 and gives the Gateway Center ownership group, which includes Axonic CRE Distressed Fund, LP, increased financial flexibility for the properties.
The groundbreaking lease agreement signed with NJ Transit is igniting excitement in New Jersey’s real estate sector. The move signifies a strategic shift towards modernization and efficiency for the transit agency, offering remarkable connectivity and convenience overlooking a key transportation hub.
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