J&L Companies, a private, family-owned and operated real estate investment company based in Newark, New Jersey, has incurred $ 94 million in construction debt from four banks to finance a mixed-use multi-family development to be located on the company’s preferred terrain, Commercial The Observer has learned.
National Bank of the Valley, Hapoalim Bank, Abanca United States, and TriState Capital Bank combined to provide debt on the 12-story, 403-unit multi-family property, which will also include more than 3,000 square feet of retail space and a parking garage of nearly 200 spaces.
Greystone Capital Advisors‘ Drew fletcher led the team that arranged the construction debt on behalf of J&L. Matthieu hirsch and Steven Bridge teams up with Fletcher to close the deal.
“As a local developer, long-term practitioner 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 and vibrant neighborhood for residents and local businesses, ”Fletcher said. .
Development – designed by Minno and Wasko – will be located at 55 Union Street in Newark’s central business district, a few blocks from the Prudential Center, Newark Penn Station and the Passaic river.
The developer’s plans for the property include a roof garden; a fitness center; an entertainment area; and an outdoor courtyard with barbecue stations, fire pits and lounging areas, according to Greystone.
founder of J&L Jose lopez stated that the project “add to the rich fabric of Ironbound [District] by offering local and future residents new housing that perfectly complements the neighborhood.
The company strives to elevate the property above what was once a parking lot for over four years. He began construction on the property, after working to lay the foundations, according to local reports.
Earlier this month, the Newark City Council introduced a bill that would reward developers with a 25 years property tax allowance. J&L should pay an annual service fee. The ordinance including the tax deduction was to be put to a vote this morning.
Several years ago, in 2017, when J&L first filed plans with the City of Newark to build the skyscrapers, zoning restrictions prohibited mixed-use high-rise developments from being housed in the region. A zoning change that would allow it to be built soon followed, as well as some opposition from local community organizations. In early summer 2018, the project proposal reappeared and was approved through Newark Central Planning Council.