By Joshua Burd
IDB Bank has closed a $31 million bridge loan for a newly completed, 155-unit apartment building in Newark’s Central Ward.
In a news release, the New York-based private and commercial lender said the financing will support the initial lease-up of the upscale, midrise property at 44 Irvine Turner Blvd. The transaction with the borrower, TAY Investments, follows the firm’s delivery last fall of what’s known as The Art of Newark, which includes 20 units that are reserved as affordable housing, plus amenities and a showcase for locally sourced artwork.
“The Art of Newark brings together luxury living for the unique and vibrant community of Newark,” said Yuval Shram, CEO and president of TAY Investments. “In working with IDB, we continue to fully realize this vision, as we remain well capitalized in the final stages of this project.”
The developer and its partner, Lamont Carter, welcomed Mayor Ras Baraka and other officials in late November to unveil the collection of studio, one-bedroom and two-bedroom homes. On display were amenities such as a high-end fitness center, a landscaped courtyard with grills, a game and media room, a lounge room and a children’s room, as well as artwork that was scattered throughout the lobby, corridors and other common spaces.
Those involved in the development include Anwar Alkhatib of AK Architecture, Elnardo Webster of Connell Foley LLP and Bank Hapoalim, which was represented by Charles J. Wilkes and Holly Burke of Murphy Schiller & Wilkes LLP. IDB Bank’s Laura Greenfield, head of New York commercial real estate as well as Team Leader Avi Lieberman and Senior Analyst Ryan Shay led the team that originated the bridge financing, while Rosh Jaffe of CSG Law served as lender’s counsel.
“We are proud to issue this important bridge financing facility to TAY Investments,” Lieberman said. “The recent development of the Art of Newark signals the city of Newark’s continued commitment to revitalization and community reinvestment. In working closely with TAY Investments, we were able to fulfill their unique financing needs and close in a timely manner as well as build a relationship for future opportunities with an established sponsor.”
