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Continental Plaza in Hackensack Scheduled for a Foreclosure Auction

Continental Plaza
Continental Plaza. Picture courtesy of NorthJersey.com

Continental Plaza, a three-tower office complex located on 401 Hackensack Avenue in Hackensack (Bergen County), is scheduled for a foreclosure auction. The lien amount is $101.9M.

According to a North Jersey.com article that dates back to May 27th, 2010, the interest-only mortgage was initiated in 2004 but could not be refinanced in September of 2009, when it matured. The 2004 estimation had valued Continental Plaza at $109M. However, due to the decline in commercial property values, an estimation back in 2010 would have valued the property at less than the amount owed.

Considering the fact that the auction is scheduled for May 11th, the aforementioned article correctly predicted the extension of the foreclosure process.