Eastern Union has arranged a $10.965 million loan to refinance construction of The Blvd., a 71,000-square-foot, mixed-use property in the Central Ward of Newark, N.J. The mortgage was secured by company vice president Chaim Greenfield and loan originator Joseph Sasson. Alex Jaffa served as underwriter for the transaction.
The refinancing carried a 24-month term with interest-only payments throughout that period. The interest rate was not disclosed.
“Eastern Union worked diligently to structure a transaction that positioned the borrower to attract good financing,” Greenfield said. “We overcame challenges associated with today’s economic environment and we successfully negotiated good terms for our client.”
The seven-story property is under construction as part of the adaptive reuse of an office building on a 12,000-square-foot site at 535-541 Dr. Martin Luther King Jr. Boulevard. It is scheduled for completion in approximately 18 months.
The Blvd will include 40 residential units, ground-floor commercial space, a private, outdoor rooftop area, a 1,300-square-foot, top-floor party and game room and a fitness center for residents. Twenty percent of the units will be reserved for affordable housing.
The borrower was Mid-Atlantic Investment Alliance, a real estate company specializing in urban redevelopment projects in both established and reemerging locales. The identity of the lender was not disclosed.
