New Jersey hit with $3.6 billion in distressed commercial assets

New Jersey’s commercial properties are falling more and more into debt as the escalating commercial real estate crisis takes its toll on the state, several leading research firms have said. After real estate investment in the state peaked in 2005 and 2006, the state now has $3.6 billion in distressed commercial assets, according to research firm Real Capital Analytics, with most of the boom-year mortgages slated to mature between 2010 and 2012. At least 15 New Jersey buildings entered foreclosure this year, and commercial giant Newmark Knight Frank said that number will continue to increase. California real estate research firm Foresight Analytics ranked New Jersey 13th in the nation for the value of commercial mortgage maturities between 2009 and 2012, with an estimated $7.4 billion expected. [NJ Biz]