Giga Holdings is developing a 77-unit apartment building known as Central Pointe at 380 Central Ave. in Newark. — Rendering courtesy: Drew Capital
By Joshua Burd
Giga Holdings has scored a $16.25 million construction loan for a 77-unit multifamily project in Newark’s University Heights neighborhood, in a newly announced deal by Drew Capital.
According to a news release, Trevian Capital provided the financing in connection with the development at 380 Central Ave. That paves the way for a summer 2027 delivery for the six-story building, known as Central Pointe, where plans call for a mix of studio, one-bedroom and two-bedroom homes just blocks from New Jersey Institute of Technology and University Hospital.
Akiva Drew, founder of Drew Capital, sourced the transaction on behalf of Giga’s Jeff Blau and Eitan Chakov.
“Central Pointe is contributing to the revitalization of downtown Newark,” Drew said. “Drew Capital is proud to work with the ownership team in helping to bring economic growth back to a previously underutilized corridor.”
Designed by INOA Architecture, 380 Central Ave. will have 16 affordable units designated as affordable housing. Other features of the 101,950-square-foot building, located between First Street and Morris Avenue, include a fitness center, coworking lounges, communal spaces, private balconies and a rooftop garden.
