An affiliate of J&L Cos. Inc. has received a $94 million construction loan arranged by Greystone to finance the development of a 12-story, 403-unit Class A multifamily project in Newark, N.J. The project will also include 3,000 square feet of retail space and a 196-space parking garage.
The loan was provided by a four-bank syndicate 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, served as the exclusive advisors in arranging the financing on behalf of J&L.
Located at 55 Union St., the development site is in the Ironbound District of downtown Newark and situated two blocks from Newark Penn Station. The location has become one of the most desirable residential enclaves in Newark and a regional destination because of its nightlife and diverse mix of restaurants and entertainment options.
J&L is planning to offer top-of-the-market amenities including a rooftop garden and entertainment area; outdoor courtyard with grills; fire pits and lounge space; and a fitness center. The company, one of the largest single landowners in Newark, owns and manages more than 1 million square feet of residential, commercial and industrial real estate. The firm’s portfolio is comprised of more than 30 buildings, surface parking lots and developable land sites.
Jose Lopez, founder of J&L, said in prepared remarks the company is excited to bring the project to fruition and bring new housing to the community that complements the neighborhood. The building is being designed by Minno & Wasko Architects and Planners, also of Newark.
Fletcher said in a prepared statement that J&L, as a local developer, long-term stakeholder and property owner, is deeply committed to advancing the revitalization of downtown Newark by developing projects that will create a thriving neighborhood for local residents and business owners.
One of J&L’s multifamily projects is the Textile Lofts, a more than century-old former garment factory at 120 Green St. that was restored into a five-story, 64-unit property in 2018. The company also built 115 Bruen, a 72-unit, ground-up multifamily property at 115 Bruen St. that opened in 2015.
Earlier this year, New Jersey was named the top market for multifamily development in the Northeast, according to Yardi Matrix. Last year, developers in New Jersey added 5,669 apartments to inventory. This year, completions are expected to surpass 20,000 units. As of February, the largest project underway in the state was Lotus Equity Group’s 1,300-unit Riverfront Square in Newark, which is expected to deliver in 2023.