NEW YORK, June 23, 2021 (GLOBE NEWSWIRE) – Greystone, the nation’s leading commercial real estate finance company, announced today that it has provided a $ 94 million construction loan to a subsidiary of J&L Companies, Inc. (“J&L”). to fund the development of a 12-story, 403-unit Class A tenement project located at 55 Union Street in the heart of the Ironbound in downtown Newark, New Jersey. The construction loan was provided by a four-bank syndicate led by Valley National Bank (“VNB”) with Bank Hapoalim, Abanca USA and TriState Capital Bank to finance the project, which also includes 3,000 square feet of retail space. and a garage for 196 spaces.
The project is located two blocks from Newark Penn Station in the Ironbound area, one of Newark’s most coveted residential enclaves, which has become a regional destination known for its vibrant nightlife and diverse mix of dining and entertainment options. J&L will provide a comprehensive, first-class service package including a rooftop garden and entertainment area; open courtyard with barbecue; campfire pits and lounge area; and a modern fitness center.
Greystone Capital Advisors, led by President Drew Fletcher, Director Matthew Hirsch and Vice President Stephen Deck, acted as exclusive advisor in arranging financing on behalf of J&L.
“As a local developer, long-term stakeholder and property owner for over 40 years, J&L is deeply committed to rebuilding downtown Newark by developing projects that create a thriving, vibrant neighborhood for local residents and businesses,” said Mr. Fletcher. “We are very pleased to have achieved this and look forward to further developing our relationship with J&L and our financial partners at VNB.”
“We are thrilled to bring this project to life and add to the rich fabric of Ironbound, providing locals and future residents with new housing that perfectly complements the area,” said José Lopez, founder of J&L. “Greystone, VNB and participating lenders have been delighted to work on this deal and we look forward to continuing to deepen our relationship with each firm in the future.”
Greystone is a national commercial real estate lending, investment and advisory firm with a recognized reputation as a leader in multi-family finance and healthcare. Its range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, Bridge and Mezzanine. Loans are provided through Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other Greystone affiliates. Greystone Capital Advisors is a group of full-service real estate consultants and intermediaries serving a select group of the most prominent property owners and developers in the United States. For more information visit www.greyco.com…
About J&L Companies, Inc.
J&L is a family owned real estate firm in Newark, New Jersey, founded over 40 years ago by Jose and Louise Lopez. Over the past 40 years, the company has invested in a diverse portfolio of properties in the city of Newark, as well as the creation and management of several successful businesses in the areas of development, construction, property and asset management, restaurants and parking. As one of the largest land owners in Newark, J&L currently owns and operates more than one million square feet of residential, commercial and industrial properties, comprising more than 30 buildings, ground parking lots and development land.
About Valley National Bank
Valley National Bank is a 93-year regional bank. With approximately $ 41 billion in assets and over 200 branches in New Jersey, Manhattan, Brooklyn, Queens, Long Island, Florida and Alabama. Valley’s commercial real estate team offers a wide range of lending solutions. For more information please visit https://www.valley.com/…