Lotus 315 at 315 South Harrison St. in East Orange — Courtesy: Progress Capital
By Joshua Burd
The developer of a 180-unit luxury apartment building in East Orange has refinanced the property for $53 million, according to an advisory team with Progress Capital.
The loan, provided by Arbor Commercial Mortgage, comes two years after Blackstone 360 completed the eight-story property at 315 South Harrison St. Progress Capital’s Brad Domenico represented Blackstone 360 principals Airaj and Ibrahim Hasan in sourcing the nonrecourse financing.
Known as Lotus 315, the complex features high-end apartments and amenities such as an outdoor garden with a party lounge, private garden terraces and a modern gym, according to a news release. It’s among several projects in and around South Harrison Street by Blackstone 360, a Newark-based developer, which has sought to capitalize on the city’s undersupplied luxury rental market, its proximity to Seton Hall University and quick access to major highways such as Interstate 280 and the Garden State Parkway.
