Drew Capital, a commercial mortgage brokerage based in Jackson, NJ, has secured $16.25 million in construction financing toward the development of Central Pointe, a 77-unit multifamily property in the University Heights neighborhood of Newark, N.J.
The loan was arranged by Akiva Drew, founder of Drew Capital.
The six-story structure will be located at 380 Central Avenue between First Street and Morris Avenue, near the New Jersey Institute of Technology and University Hospital. The building is scheduled for completion in the summer of 2027.
The 77 residential units represent six studio apartments, 29 one-bedroom units and 42 two-bedroom spaces. Sixteen units will be designated as affordable. The property’s gross size is 101,950 square feet, with a net rentable area of approximately 77,000 square feet.
Amenitites include a fitness center, co-working lounges, communal spaces, private balconies and a rooftop garden. The building was designed by INOA Architecture.
The borrowers were Jeff Blau and Eitan Chakov of Giga Holdings of Newark. Drew Capital arranged the loan through Trevian Capital, a New York-based provider of commercial real estate financing.
“Central Pointe is contributing to the revitalization of downtown Newark,” said Drew. “Drew Capital is proud to work with the ownership team in helping to bring economic growth back to a previously underutilized corridor.”
