A US$94 million construction loan has been arranged and secured by Greystone, a real estate finance company for J&L Companies for the construction of multifamily New Jersey Mixed-use development in Newark. The development will be a 12-story, 403-unit Class A multifamily project located at 55 Union Street in the heart of the Ironbound District in downtown Newark. The construction loan was provided by a four-bank syndicate led by Valley National Bank, with Abanca USA, Bank Hapoalim, and TriState Capital Bank as participants, to finance the project, which also includes 3,000 square feet of retail space and a 196-space parking garage.
Also Read: US$145.7 million provided for New Jersey multifamily development
The New Jersey Mixed-use development project is located two blocks from Newark Penn Station in the Ironbound District, one of the most desirable residential enclaves in Newark that has become a regional destination known for its vibrant nightlife and diverse mix of restaurants and entertainment options. J&L will deliver a comprehensive, top-of-the-market amenities package, including entertainment, an area rooftop garden, an outdoor courtyard with grills, a state-of-the-art fitness center, fire pits, and lounge space. “As a local developer, long-term stakeholder, and property owner for over 40 years, J&L is deeply committed to advancing the revitalization of downtown Newark by developing projects that will create a thriving, vibrant neighborhood for local residents and businesses. We are excited to have delivered this execution and look forward to growing our relationships with J&L and our financing partners at VNB.” said Greystone’s Capital President, Drew Fletcher.
“We are extremely excited to bring this project to fruition and add to the rich fabric of the Ironbound by providing local and future residents with new housing that perfectly complements the neighborhood. Greystone, VNB, and the participant lenders were a pleasure to work with on this transaction and we look forward to continuing deepening our relationships with each firm in the future,” said Jose Lopez, Founder of J&L.
87
