Abanca USA took part in a $94 million syndicated loan to finance a 12-story, 403-unit, Class-A multifamily rental project in Newark, New Jersey’s business district, which will have a total cost of $139 million.
The Miami-based bank joins Valley National Bank, Bank Hapolim and TriState Capital Bank in providing the funds for the development. Located at 55 Union Street, the 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.
Developed by J&L Companies, a family-owned real estate firm based in New Jersey, the building will also feature more than 3,000 square feet of retail space and a parking garage with room for nearly 200 vehicles. It is expected to be completed by April 2023.
“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,” said Monica Vazquez, Abanca USA´s general manager.
Abanca USA is part of Abanca Corporación Bancaria Group, a financial institution based in Spain.