The Halo Newark Tower has secured a US$90 million construction loan. Parkview Financial and Acier Holdings have secured the loan for the construction of the first phase of what will be the city of Newark’s tallest building, New Jersey. During this phase of construction, The Halo will be a 43-story high-rise residential property with 297 units in 38 levels over a five-level parking deck. With this loan in place, Phase I construction will begin immediately, with completion scheduled for January 2024. The building’s address will be 289-301 Washington Street. The unit mix will feature 156 studios, 84 one-bedroom flats, and 57 two-bedroom units on a.62-acre property site.
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The Halo Newark Tower will boast a pool, sauna, fitness centre with cutting-edge equipment, a gaming room, various lounge rooms, conference rooms with private office suites, communal workspaces, and a rooftop terrace with panoramic views of Newark, the Manhattan skyline, and beyond are among the common area facilities. The building will be outfitted with cutting-edge technology, with a goal of achieving 93 per cent energy efficiency. Acier Holdings purchased the land in 2017 and later received clearance for a three-phased project with a total of 949 apartments in three towers. The City of Newark has authorized the project with a Payment In Lieu of Taxes (PILOT) tax abatement scheme that cuts property taxes to 10% of revenue for 30 years. Phase I comprises 30 low-cost apartments.
The Halo Newark Tower collaboration
“Parkview Financial is delighted to be collaborating with Acier Holdings on what will be a landmark addition to Newark’s skyline.” “Newark continues to witness billions of dollars in capital investment for new and redevelopment projects, and we have recognized this as an increasing rental market for its citizens, handy to Manhattan and other key job centres,” Paul Rahimian, president and CEO of Parkview Financial, stated. The Halo is one mile east of the Rutgers University Hospital and Medical Center, and one mile north of the Rutgers Newark Campus. Newark Penn Station is three-fourths of a mile northeast, with connectivity to the region provided by New Jersey Transit, Amtrak, and PATH trains.
