A rendering of Allure 260, a 201-unit luxury residential tower at 260 South Harrison St. in East Orange — Courtesy: Blackstone 360/Amboy Bank
By Joshua Burd
Amboy Bank has closed on a $33 million construction loan for the developer of an 18-story luxury residential building in East Orange, the latest partnership between the two entities.
The Old Bridge-based lender on Wednesday announced the financing for Allure 260, a 201-unit tower at 260 South Harrison St. Blackstone 360 LLC, also known as B-360, is the borrower and is overseeing development of the roughly $45 million project.
It is the third loan that Amboy Bank has provided to B-360.
“Throughout our 130-year history as an independent bank, we have never lost sight of the fact that partnering with inventive and adept companies boosts our success and creates a positive impact across New Jersey,” said Gregory Scharpf, CEO and president of Amboy Bank. “Together with B-360, we’ve been catalysts for transformative change in the City of East Orange.”
Allure 260 is the developer’s fifth major project in East Orange and will bring its total there to about $150 million over the last decade, according to a news release. B-360 and Amboy also touted it as the largest construction project in the city to date.
Avison Young Principal George Gnad sourced the financing.
“We are pleased to have worked with both B-360 and Amboy Bank on this transaction,” Gnad said. “B-360 has already enhanced the East Orange skyline through the construction of its four previous luxury high rise properties, and Amboy Bank has more than lived up to their reputation as a lender that delivers tailored financing with favorable terms.”
With the closing of the latest loan, Amboy Bank has supplied financing of about $85 million to B-360.
“Our relationship with Amboy Bank has been more like a partnership than a series of commercial transactions,” said Ibrahim Hasan, the managing member of the development group. “They saw the opportunity, believed in the vision and invested with us in the creation of a vibrant community. We’ve come a very long way together, and intend to strengthen that relationship as the year’s progress.”