Arbor invests $ 53 million in a gated community in New Jersey

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Brad Domenico of Progress Capital secured $ 53 million in refinancing for Airaj and Ibrahim Hassan of Blackstone 360, owner / developer of LOTUS 315, an 8-story, luxury A-class mixed-use building located at 315 South Harrison Street.

Arbor Commercial Mortgage provided three-year non-recourse financing.

The property was built in 2019 by Blackstone 360 ​​(B360), a Newark development company that owns and operates the gated community. LOTUS 315 is an elegant ship-shaped building consisting of 180 residential units and 33,151 s / f commercial space on the ground floor.

Interiors include woven bamboo floors, stainless steel appliances, Italian-style kitchens and a washer / dryer. Additional essentials include a gated entrance, underground parking, a 24-hour doorman and a gorgeous outdoor garden with a party lounge, private garden terraces and a state-of-the-art gym. The residence also provides a shuttle service to Newark Penn Station, providing commuter residents with convenient transportation options to the NJ Transit line with service to New York City.

LOTUS 315 is located along the South Harrison Street Corridor at the intersection of East Orange and South Orange Streets with easy access to Seton Hall University and East Orange Hospital. Major highways, including I-280 and Garden State Parkway, are also in close proximity.

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