Greystone, a leading national commercial real estate finance company, announced today that it has arranged a $94 million construction loan for an affiliate of J&L Companies, Inc. (“J&L”) to finance the development of a 12-story, 403-unit Class A multifamily project located at 55 Union Street in the heart of the Ironbound District in downtown Newark, NJ. The construction loan was provided by a four-bank syndicate led by Valley National Bank (“VNB”), with Bank Hapoalim, Abanca USA, and TriState Capital Bank as participants, to finance the project, which also includes 3,000 square feet of retail space and a 196-space parking garage.
The project is located two blocks from Newark Penn Station in the Ironbound District, one of the most desirable residential enclaves in Newark that has become a regional destination known for its vibrant nightlife and diverse mix of restaurants and entertainment options. J&L will deliver a comprehensive, top-of-the-market amenities package, including a rooftop garden and entertainment area; outdoor courtyard with grills; fire pits and lounge space; and state-of-the-art fitness center.
Greystone Capital Advisors, led by President Drew Fletcher, Director Matthew Hirsch, and Vice President Steven Deck, served as the exclusive advisor in arranging the financing on behalf of J&L.
“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,” said Mr. Fletcher. “We are excited to have delivered this execution and look forward to growing our relationships with J&L and our financing partners at VNB.”
“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.”