J&L Companies, a privately owned family-owned real estate investment company based in Newark, New Jersey, has raised $ 94 million in construction debt from four banks to finance a multi-use condominium complex that will be located on the company’s site, the Commercial Observer learned.
Valley National Bank, Bank Hapoalim, Abanka USA, as well as TriState Capital Bank together to secure debt for a planned 403-unit 12-story tenement property, which will also include over 3,000 square feet of retail space and a nearly 200-space garage.
Greystone Capital Advisors‘ Drew Fletcher led a team that handled construction debt on behalf of J&L. Matthew Hirsch as well as Stephen Deck teamed up with Fletcher to complete the deal.
“As a local developer, long-term stakeholder and property owner for over 40 years, J&L is deeply committed to rebuilding Newark’s city center by developing projects that create a thriving, vibrant neighborhood for local residents and businesses,” Fletcher said.
Development – design Minno and Vasko – will be located at 55 Union Street in Newark’s CBD, just a few blocks from Prudential center, Newark Penn Station and the Passaic river.
The developer’s plans for the property include a roof garden; Fitness Centre; entertainment area; and an open courtyard with BBQ areas, bonfires and seating areas, according to Greystone.
Founder of J&L Jose Lopez said the project would Add to the rich fabric of Ironbound [District] providing local and future residents with new housing that perfectly complements the area. ”
The company has been working to build the site on top of what was once a parking lot for over four years. According to local reports, the company began construction on the site after laying the foundation.
Earlier this month Newark City Council introduced a law that rewarded developers 25 years property tax credit… J&L will have to pay an annual maintenance fee. The ruling, including tax breaks, was due to be put to a vote this morning.
A few years ago, in 2017, when J&L first filed plans for a high-rise building in Newark, zoning restrictions barred mixed-use multi-story buildings in the area. A zoning change soon followed, which would allow it to be built, and some opposition from local community organizations… By the beginning of summer 2018 project proposal appeared again and was approved from Newark Central Planning Board…