Rutherford office complex value slashed by 30%, faces foreclosure
The Meadows is facing a drought. The office complex in Rutherford, New Jersey, has taken a 30 percent valuation cut in the last decade — from $128 million to $90 million, according to Morningstar Credit. The property entered special servicing in May and the servicer said it recently initiated the foreclosure process. The owner, commercial real estate investment firm American Landmark Properties, has requested a modification of the loan, according to information provided to Morningstar. The office market in north and central New Jersey hasn’t recovered from its pandemic-era dive as firms embrace hybrid work and pursue Class A space. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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