RBH Group Doubles Down on Newark With $37M, 21-Story Tower

• RBH Group unveiled a new design for a 21-story, 420-unit rental tower at 101 Market Street in Newark’s Four Corners district.
• The project sits on a 5.65-acre, 49-parcel assemblage and will include ground-floor commercial space.
• RBH secured $36.7 million in pre-development financing from CDK Capital, with Meridian Capital Group arranging the deal.

What The New Design Means For Newark

RBH Group is moving forward with a significantly larger version of its long-planned 101 Market Street development in downtown Newark. Designed by GLUCK+, the latest proposal calls for a 21-story residential building with 420 apartments, replacing an earlier 13-story design with 238 units that received planning approval in 2022. The new rendering shows a glass-heavy façade, dark metal spandrels and a white structural grid. The trapezoidal massing responds to the angle of Washington Street, while ground-floor retail and upgraded, tree-lined sidewalks are planned around the property. For landlords and investors, the bigger unit count is the key change. The revised plan would bring 182 more apartments to a major downtown development site near Newark’s transit and commercial core.

 

 

What The 5.65-Acre Site Includes

The project occupies the northwest corner of Market and Washington Streets within Newark’s Four Corners neighborhood. RBH has assembled the property over many years, with the overall assemblage covering 49 contiguous parcels. The site is currently occupied by several low-rise structures that are slated to give way to the larger mixed-use development. The redevelopment is also part of RBH’s broader Four Corners Millennium Project, a long-term effort to add residential, retail, hotel and office uses to one of Newark’s historic downtown districts. RBH describes the larger initiative as an effort to restore an active retail and pedestrian-oriented street environment in Four Corners.

 

 

What The $36.7M Financing Signals

The financing gives the project additional momentum. CDK Capital provided $36.7 million in pre-development financing, replacing an earlier Goldman Sachs loan and giving RBH capital to advance the project. David Bollag and Naphtali Marrus of Meridian Capital Group arranged the transaction. Bollag said the assemblage is difficult to replicate because of its scale and downtown location, calling it a development-ready property in Newark’s central business district. The financing also covers activity tied to 193 Market Street, another RBH development planned nearby. Commercial Observer reported that RBH expects to move forward with a 241-unit multifamily project at that location next year.

What Investors Should Watch Next

RBH has building permits filed and is working through contracts and remaining financing requirements, according to recent reporting. Construction could begin in the coming months, although the developer has not announced a firm construction schedule. The project is significant for Newark landlords because it represents another large addition to the city’s downtown rental pipeline. With 420 planned apartments plus retail, the development could materially increase residential density around Four Corners while replacing underutilized properties with a modern mixed-use asset. For investors, the bigger question is execution. After years of planning and multiple design iterations, financing and permitting are now in place, putting 101 Market Street much closer to becoming a construction story rather than another long-term proposal.