J&L Cos. Receives a $ 94 million loan for a project in Newark

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55 Union St. Courtesy of J and L Cos. Inc. and Minno and Wasko Architects and Planners

Branch of J&L Cos. Inc. received a $ 94 million building loan arranged by Greystone to finance the development of a 12-story, 403-unit Class A apartment building in Newark, NJ. The project will also include 3,000 square feet of retail space. and a garage for 196 spaces.

The loan was provided by a four-bank syndicate led by Valley National Bank, which included Bank Hapoalim, Abanca USA and TriState Capital Bank.

Greystone Capital Advisorsled by President Drew Fletcher, Director Matthew Hirsch and Vice President Stephen Deck, have acted as exclusive advisors in fundraising on behalf of J&L.

Project details

The construction site, located at 55 Union St., is located in the Ironbound area of ​​downtown Newark, two blocks from Newark Penn Station. The location has become one of Newark’s most coveted residential enclaves and regional destination due to its nightlife and diverse mix of dining and entertainment options.

J&L plans to offer first-class amenities including a rooftop garden and entertainment area; open courtyard with barbecue; campfire pits and lounge area; and a fitness center. The company, one of the largest land owners in Newark, owns and operates over 1 million square feet of residential, commercial and industrial properties. The firm’s portfolio includes over 30 buildings, ground parking lots and building plots.

José Lopez, founder of J&L, said in the prepared comments that the company is delighted to implement the project and provide the community with new housing that complements the area. The building is being designed by Minno & Wasko Architects and Planners based in Newark.

Fletcher said in a prepared statement that J&L, as a local developer, long-term stakeholder and property owner, is deeply committed to revitalizing downtown Newark by developing projects that create a thriving neighborhood for local residents and business owners.

One of J&L’s multi-family projects is Textile Lofts, a former garment factory at 120 Green St. that was restored over a century ago to a five-story 64-apartment building in 2018. The company also built 115 Bruen, a 72-storey building. unit, a ground-based apartment building at 115 Bruen St., opened in 2015.

Earlier this year, New Jersey was named the best market for an apartment building in the northeast, according to the Yardi Matrix. Last year, New Jersey developers added 5,669 units to their inventory. Completion of construction is expected to exceed 20,000 units this year. As of February, the largest project in the state was Lotus Equity Group’s 1,300-unit Riverfront Square in Newark, which is expected to be completed in 2023.

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