A rendering of 55 Union St., a planned 403-unit multifamily project in Newark’s historic Ironbound section — Courtesy: Greystone
By Joshua Burd
The developer of a 12-story, 403-unit apartment complex in Newark’s Ironbound section has secured $94 million in financing, in a newly announced transaction by Greystone.
According to the commercial real estate finance firm, four banks have combined to provide the construction loan to an affiliate of J&L Cos. Inc. Valley National Bank led the lending team, with Bank Hapoalim, Abanca USA and TriState Capital Bank as participants in financing the project at 55 Union St., which also includes 3,000 square feet of retail space and structured parking.
Greystone Capital Advisors President Drew Fletcher, Director Matthew Hirsch and Vice President Steven Deck sourced the debt on J&L’s behalf.
“As a local developer, long-term stakeholder and property owner for over 40 years, J&L is deeply committed to advancing the revitalization of downtown Newark by developing projects that will create a thriving, vibrant neighborhood for local residents and businesses,” Fletcher said. “We are excited to have delivered this execution and look forward to growing our relationships with J&L and our financing partners at VNB.”
The developer, a longtime business owner and parking lot operator whose roots in Newark go back to the 1960s, has sought to develop the parcel for several years. The project is located two blocks from Newark Penn Station and in the acclaimed in the Ironbound district, providing an added draw for residents seeking luxury apartments.
J&L’s plans also include amenities such as a rooftop garden and entertainment area and an outdoor courtyard with grills, fire pits and lounge space, plus a high-end fitness center. The parking garage will include 196 spaces.
“We are extremely excited to bring this project to fruition and add to the rich fabric of the Ironbound by providing local and future residents with new housing that perfectly complements the neighborhood,” said Jose Lopez, founder of J&L. “Greystone, VNB, and the participant lenders were a pleasure to work with on this transaction and we look forward to continue deepening our relationships with each firm in the future.”
