The investment and management firm that two years ago acquired Park Square, a two-building mid-rise in the center of downtown, has secured a $34-million loan on the property.

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Newark-based One Wall Partners secured a $34.125-million loan from Capital One, which was brokered by Juniper Capital Group, an independent financial advisory firm in New York City. The loan terms were secured Jan. 20 at 3 percent for a 10-year fixed mortgage with four years interest-only, according to TradedNJ.

Park Square is a 159-unit complex situated on 2.4 acres along a block bordered by Irving and Main streets and Elizabeth and Elm avenues. The two buildings are connected by a shared courtyard, with the Irving Street side housing 63 units along with about 6,000 square feet of ground-floor retail. The Main Street building includes 96 units. There are a combined 205 garage spaces and eight on-street spaces. Rents start at $1,699 per month.

The two buildings were among the first developments that ushered in the current era of downtown redevelopment just before the Great Recession, receiving a five-year Payment In Lieu Of Taxes (PILOT). 2 Park Square on Irving Street side was completed in 2009 and 1 Park Square on Main Street in 2011.

1 Park Square is assessed for a total $5,802,100, generating property taxes of $407,597 in 2020, according to property records. 2 Park Square generated a property tax bill of $607,227 for 2020, based on an overall assessment of $8,643,800. Combined, that’s a total assessment of $14,445,900, with property taxes of $1,014,824 for 2020.

One Wall Partners, through Nova Park Square, LLC, acquired Park Square in January 2019 for $35.9 million, from Roseland Residential Trust, according to property transactions. Roseland Residential Trust is a subsidiary of Mack-Cali Realty Corporation, a Jersey City-based real estate investment trust, which had acquired the building in 2013 for $46.5 million.

One Wall Partners is “a vertically integrated investment and management firm that owns and operates approximately 2,600 units of rental housing in the northern New Jersey and Philadelphia markets.”

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