Plans for an adaptive reuse project at 303 Washington St. in Newark call for converting a five-building office property into a 10-story, 92-unit apartment building. — Rendering courtesy: Northwind Group
By Joshua Burd
A joint venture has secured $22 million in financing for its plan to expand a Newark office building and repurpose it as a new 10-story, 92-unit multifamily property.
The Manhattan-based lender, Northwind Group, said it provided the first-position mortgage loan to the team of Albert Nigri of Summit Assets and Avi Benamu and Jack Hazan of Winchester Equities. Proceeds will support the construction and lease-up of 303 Washington St., which is currently a five-story office building but will become a collection of studio, one-bedroom and two-bedrooms rentals with upscale amenities and a 360-degree rooftop deck.
“Northwind’s financing was a critical step for the completion of 303 Washington as they were able to provide a loan with flexible terms and close in a short period of time,” Nigri said. “The process was handled with the utmost professionalism, and we were impressed by the diligence and swiftness of their team as we hope to continue working with them in the future.”
Northwind Group provided the loan through its closed-end debt funds, which are typically tied to residential assets, with a focus on condo inventory and completion to stabilization of multifamily projects in the New York City metro area and other major gateway cities across the U.S., according to a news release. Zach Mordechai and Ben Frances of MSCO Capital Advisors LLC arranged the transaction, while John Vavas of Polsinelli Law Firm represented the lender.
“We are pleased to be able to provide this loan, as we are continuing to see a big gap in the market for financing as commercial banks have slowed down their lending activities due to regulatory and macro-level factors,” said Ran Eliasaf, founder and managing partner of Northwind Group.