Princeton Park Corporate Center Scheduled for Auction

Princeton Park Corporate Center
Princeton Park Corporate Center | Source:

Pricenton Park Corporate Center, a 178,000 square foot office building in Middlesex County, New Jersey, is scheduled for auction on October 12th.  Having a lien amount of nearly $25,000,000, it is one of the largest foreclosures to have been scheduled for auction this year in New Jersey.

The mortgage was issued in 2001 and reached its maturity date in June 2011.  It is part of a pool of commercial mortgage loans, GMAC Commercial Mortgage Securities 2001-C2, which has been recently downgraded by Fitch Ratings. According to the press release the mortgage was transferred to special servicing in 2008. The same document notes that the service-reported occupancy was 69%.