By Joshua Burd
A developer has secured nearly $11 million in financing for a project that will convert an office building in Newark into 40 apartments, tenant amenities and commercial space.
According to Eastern Union, which arranged the loan, construction is underway for what will be known as The BLVD at 535-541 Dr. Martin Luther King Jr. Blvd. An undisclosed lender provided the mortgage to Mid-Atlantic Investment Alliance, which is refinancing the planned 71,000-square-foot property and expects to spend roughly 18 months building the project.
Eastern Union Vice President Chaim Greenfield and Loan Originator Joseph Sasson secured the $10.965 million deal, with Alex Jaffa serving as underwriter for the transaction. They noted that the refinancing carried a 24-month term with interest-only payments throughout that period.
“Eastern Union worked diligently to structure a transaction that positioned the borrower to attract good financing,” Greenfield said. “We overcame challenges associated with today’s economic environment and we successfully negotiated good terms for our client.”
In a news release, Eastern Union said the seven-story building will include 40 residential units, ground-floor commercial space, a private outdoor rooftop area, a fitness center and a 1,300-square-foot, top-floor party and game room. The firm added that 20 percent of the units will be reserved for affordable housing.
