144 South Harrison St. in East Orange — Photo by Jeffrey Vock for Real Estate NJ
By Joshua Burd
Brokers with Avison Young have arranged nearly $37 million in financing for two multifamily and mixed-use projects in Essex and Hudson counties, the firm said.
In the first deal, the firm secured $30.3 million in financing for Essence 144, a 156-unit apartment building at 144 South Harrison St. in East Orange. Avison Young Principal George Gnad, Vice President Jonathan Kristofich and Associate Ryan McCausland arranged the 10-year, fixed-rate CMBS loan from the Canadian Imperial Bank of Commerce, or CIBC.
“Our capital markets team continues to see a lot construction activity and subsequent need for financing solutions in both Hudson and Essex Counties,” Gnad said. “Our knowledge of both markets and ability to act quickly in addressing any unexpected obstacles throughout the loan closing process enabled us to work efficiently with both borrowers and tailor financing solutions that will help maximize the value of this newly built assets.”
The Avison Young team worked on behalf of developer Blackstone 360 LLC, which is a repeat client and has completed several other projects in East Orange in recent years. At Essence 144, the developer has rehabilitated and expanded an abandoned eight-story brick structure just a few blocks from the city’s train station.
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“This is our third major transaction closed with George and his team over the last two years,” said S. Airaj Hasan, CEO and president of Blackstone 360. “He has demonstrated a keen understanding of capital markets and an ability to work through the inevitable challenges that arise in taking a deal from application to closing.
“The Avison Young team, with their experience and network, is amongst the best at finding capital solutions for projects of scale in northern New Jersey.”
The Morristown-based debt and equity team also brokered $6.6 million in financing for Rushmore, an 18-unit mixed-use apartment building at 17 Division St. in Jersey City. The same team of Gnad, Kristofich and McCausland arranged the five-year loan through Boiling Springs Savings Bank, representing Properties by Southern.
