NEWARK, NJ – ABANCA USA has signed a $ 94 million syndicated loan to finance a total of $ 139 million in a 12-story Class A apartment building of 403 units in the heart of Newark's business district.
ABANCA USA, the Miami-based bank, is partnering with Valley National Bank, Bank Hapolim and TriState Capital Bank to fund this new development at 55 Union Street, just blocks from Prudential Central, Newark Penn Station and the Passaic River.
Developed by J&L Companies – a family-run real estate company based in New Jersey – this project aims to appeal to young professionals by offering a high quality but affordable product with a variety of amenities including a rooftop garden and outdoor entertainment courtyard, a cutting edge Fitness center and a business lounge with shared and private work areas. In addition, this building, which is expected to be completed by April 2023, will have more than 3,000 square meters of retail space and a parking garage with space for almost 200 vehicles.
Monica Vazquez, General Manager of ABANCA USA, states that her involvement in this transaction is a testament to ABANCA USA's ability to conduct world class real estate transactions while maintaining a sustainable business model.
"It wasn't just an absolute pleasure to work with Lopez y Gabriel Lopez of J&L, one of the best developers in the business," said Vazquez.
Source: ABANCA USA