By Joshua Burd
TAY Investments has refinanced a new 155-unit apartment building in Newark with the help of a $30 million loan from IDB Bank, the lender announced recently.
Known as The Art of Newark, the project at 44 Irvine Turner Blvd. opened in 2023 in the city’s University Heights neighborhood. It’s now refinancing with the fixed-rate loan, which has a three-year term, in what marks at least the second transaction between IDB and TAY in connection with the development.
The New York-based private and commercial bank also provided a $31 million bridge loan early last year. In the latest transaction, IDB’s Avi Lieberman, head of New York commercial real estate, and Ryan Shay, associate relationship manager, led the origination team, while Greystone Capital Advisors’ Drew Fletcher and Bryan Grover arranged the financing.
“We are pleased to continue our important relationships with both TAY Investments and The Art of Newark,” Lieberman said. “Our recent refinancing speaks strongly of our continued support for this state-of-the-art development, which serves as an important milestone in Newark’s ongoing revitalization.”
In a news release, IDB noted that The Art of Newark was fully leased just months after its debut, underscoring the city’s strong demand for high-quality housing. The property includes 20 designated affordable units, while serving as a showcase for local artists.
“We are thrilled to mark this important milestone, signifying the successful completion and full stabilization of one of the biggest and most exciting new projects in the heart of Newark,” said Yuval Shram, CEO and president of TAY Investments. “This is a true testament to Newark’s commitment to the community’s growth. I’d like to extend our gratitude to IDB Bank, our financial partner, for sharing our dreams and goals. I’d like to additionally thank all our partners, colleagues, and everyone who contributed to making this project a success.”
Developer unveils 155-unit Newark rental project with affordable housing, space for artists
