A subsidiary of J&L Cos. Inc. has received a $ 94 million home loan, arranged by Greystone, to fund the development of a 403-unit, 12-story, Class A multi-family project in Newark, NJ, and a 196-space parking garage.
The loan was provided by a four-bank consortium led by Valley National Bank with Bank Hapoalim, Abanca USA and TriState Capital Bank as participants.
Greystone Capital Advisors, led by President Drew Fletcher, Director Matthew Hirsch, and Vice President Steven Deck, acted as exclusive advisers in arranging the financing on behalf of J&L.
The development site is located at 55 Union St. in the Ironbound District of downtown Newark and is two blocks from Newark Penn Station. The location has become one of the most desirable residential areas in Newark and a regional travel destination due to its nightlife and diverse mix of dining and entertainment options.
J&L plans to offer world class amenities including a rooftop garden and entertainment area; Outdoor courtyard with grills; Fire pits and lounge; and a fitness center. The company, one of Newark’s largest single landowners, owns and manages more than 1 million square feet of residential, commercial, and industrial real estate. The firm’s portfolio includes more than 30 buildings, above-ground parking spaces and plots that can be built on.
Jose Lopez, founder of J&L, said in preliminary remarks that the company looks forward to making the project a success and providing the community with new homes that complement the neighborhood. The building is designed by Minno & Wasko Architects and Planners, also from Newark.
Fletcher said in a prepared statement that as a local developer, long-term stockholder and property owner, J&L is determined to promote the revitalization of downtown Newark by developing projects that will create a thriving neighborhood for residents and business owners.
One of J & L’s multi-family projects are the Textile Lofts, a more than 100-year-old former clothing factory at Grünen Strasse 120, which was converted into a five-story property with 64 units in 2018. The company also built 115 Bruen, a 72-unit, ground floor apartment building at 115 Bruen St., which opened in 2015.
New Jersey was named the top multi-family home market in the Northeast earlier this year, according to Yardi Matrix. Last year, developers in New Jersey added 5,669 homes to their inventory. More than 20,000 units are expected to be completed this year. The largest ongoing project in the state was Lotus Equity Group’s Riverfront Square in Newark in February with 1,300 units due for delivery in 2023.