Hue Soul at 1 South Burnet St. in East Orange — Courtesy: TAY Investments
(Editor’s note: This story was updated Friday, Aug. 22, with additional information from BHI, the lender for 1 South Burnet St.)
By Joshua Burd
TAY Investments has unveiled a 116-unit luxury apartment building in East Orange that has brought new life to a former restaurant site off Interstate 280.
The developer said the property, Hue Soul, opened its doors in June after obtaining a temporary certificate of occupancy. It has since leased more than 20 percent of the building at 1 South Burnet St., the firm said, while pointing to continued leasing interest.
TAY also said Monday that it has secured a $32 million bridge-to-stabilization loan from its longstanding lending partner, BHI. That provides it with the flexibility to pursue strategic leasing and retail plans without compromising on the quality or pace of execution.
SLIDESHOW: Hue Soul
“We’re incredibly proud to bring Hue Soul to life,” said Yuval Shram, founder of TAY Investments. “East Orange is a vibrant and evolving community, and we’re excited to contribute to its future with a space that reflects creativity, design and community spirit.”
BHI, the U.S Branch of Bank Hapoalim BM, noted that it has now provided Shram with construction loans for four multifamily projects, including two in Jersey City and one in Newark.
“New Jersey’s multifamily market continues to offer strong fundamentals and long-term growth potential, making it a key focus for BHI,” said Ilana Druyan, senior vice president, team leader and head of international origination for commercial real estate. “We’re excited to continue supporting experienced developers like Mr. Shram as we actively seek opportunities to finance high-quality projects in markets where demand for modern, well-located housing remains robust.”
Shram added: “We’ve partnered with BHI, now, on multiple projects and their consistent readiness and reliability have been instrumental to our success. Their deep market knowledge, custom financing solutions, and collaborative approach have helped us move efficiently from vision to execution — enabling us to create value and deliver impactful developments across the communities we serve.”
Located just north of I-280, Hue Soul sits at the corner of Burnet Street and Dr. Martin Luther King Jr. Boulevard. The six-story building has a mix of studio, one-bedroom and two-bedroom homes with amenities such as a fitness center, a patio floor and large and an upscale lobby, plus 8,200 square feet of retail space and more than 120 parking spaces.
TAY broke ground in March 2023 at the former Soul Food Factory site, which is within walking distance of both the Brick Church and East Orange train stations.
East Orange development site slated for 113 units sells for $4.15 million
