Greystone arranges $ 94 million home loans for J&L

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NEW YORK, June 23, 2021 (GLOBE NEWSWIRE) – Greystone, a leading national commercial real estate finance company, today announced that it has secured a $ 94 million home loan for a subsidiary of J&L Companies, Inc. (“J&L”) Developing a 12-story, 403-unit Class A multi-family project at 55 Union Street in the heart of the Ironbound District in downtown Newark, NJ. The construction loan was provided by a four-bank consortium 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 meters of retail space and a parking garage with 196 parking spaces.

The project is located two blocks from Newark Penn Station in the Ironbound District, one of the most desirable residential areas in Newark that has become a regional travel destination known for its vibrant nightlife and diverse mix of dining and entertainment options. J&L will deliver a comprehensive, first class equipment package including a roof garden and an entertainment area; Outdoor courtyard with grills; Fire pits and lounge; and a state-of-the-art fitness center.

Greystone Capital Advisors, led by President Drew Fletcher, Director Matthew Hirsch and Vice President Steven Deck, acted as exclusive advisor in arranging the financing on behalf of J&L.

“As a local developer, long-term shareholder and property owner for over 40 years, J&L is committed to promoting the revitalization of downtown Newark by developing projects that create a thriving, vibrant neighborhood for residents and businesses,” said Mr Fletcher. “We are very happy about this implementation and look forward to expanding our relationships with J&L and our financing partners at VNB.”

“We are very excited to bring this project to life and add to the rich fabric of the Ironbound by offering local and future residents new living space that perfectly complements the neighborhood,” said Jose Lopez, Founder of J&L. “Working with Greystone, VNB and the participating lenders has been a pleasure to work on this transaction and we look forward to further deepening our relationships with each company in the future.”

About Greystone
Greystone is a national commercial real estate lending, investment and advisory firm with an established reputation as a leader in multi-family and healthcare finance. The range of services includes commercial loans across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, Bridge and Mezzanine. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC, and / or other Greystone affiliates. Greystone Capital Advisors is a full-service real estate capital broker and advisory team serving a select group of the best-known real estate owners and developers in the United States. More information is available at www.greyco.com.

About J&L Companies, Inc.
J&L is a family-run real estate company based in Newark, New Jersey, founded by Jose and Luisa Lopez more than 40 years ago. Over the past 40 years, the company has invested in a diverse real estate portfolio in the City of Newark and has founded and managed several successful companies in development, construction, property and asset management, restaurants and parking. As one of the largest single landowners in Newark, J&L currently owns and manages over one million square feet of residential, commercial and industrial real estate consisting of over 30 buildings, parking lots and buildable land.

Via Valley National Bank
Valley National Bank is a 93 year regional bank. With approximately $ 41 billion in assets and more than 200 offices in New Jersey, Manhattan, Brooklyn, Queens, Long Island, Florida and Alabama. Valley’s Commercial Real Estate team offers a variety of loan solutions. Please visit https://www.valley.com/ for more information.

PRESS CONTACT:
Karen Marotta
Gray stone
212-896-9149
[email protected]

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