An investment manager has acquired a vacant hotel building in Newark that it now plans to convert to more than 100 apartments, according to a lender involved with the project.
A joint venture has landed a nearly $114 million loan to purchase and reposition two office buildings and a parking garage in downtown Newark, according to a debt advisory team.
An investment group has acquired two office buildings and a parking garage in downtown Newark for $80 million, with plans to spend another $70 million to reposition the properties.
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.