NEWARK, NJ - ABANCA USA took part in a $94 million syndicated loan set to finance a 12-story, 403-unit Class A multi-family rental project in the heart of Newark's business district, which will have a total cost of $139 million.
ABANCA USA, the Miami-based bank, joins Valley National Bank, Bank Hapolim, and TriState Capital Bank in providing the funds for this new development located at 55 Union Street, blocks away from Prudential Central, Newark Penn Station and the Passaic River.
Developed by J&L Companies - a Family-owned Real Estate firm based in New Jersey - this project aims to appeal to young professionals by offering a high-quality but affordable product featuring a wide range of amenities such as a rooftop garden and entertainment area, outdoor courtyard, state of the art fitness center and a business lounge with communal and private working space. In addition, this building – expected to be completed by April 2023 - will also feature more than 3,000 square feet of retail space and a parking garage with room for nearly 200 vehicles.
Monica Vazquez, ABANCA USA´s General Manager, explains that their involvement in this deal is a testament to ABANCA USA´s ability to execute top real estate transactions while maintaining a sustainable business model.
"Not only has it has been an absolute pleasure to work with Lopez y Gabriel Lopez from J&L, one of best developers in the business, but we are delighted that this project contributes to the revitalization of Downtown Newark making it a thriving neighborhood for residents and business alike," Vazquez explained.
Source: ABANCA USA