State Farm Life Insurance Company Provides $110M Refinance Loan For Development Site In Newark

A development site located at 173-269 Doremus Ave in Essex County, Newark was involved in a recent closed transaction. The property is classified as a Development Site with a Building Square Feet (BSF) of 870,000. The transaction took place on November 30, 2021.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $110,000,000
• Market: Essex County, Newark
• Lender: State Farm Life Insurance Company
• Landlord: Morris Doremus Avenue Associates Urban Renewal LLC
• Loan Type: Refinance
• Loan Terms: This is a new construction warehouse, and the transaction involved refinancing a construction loan to a permanent loan.

The lender in this transaction was State Farm Life Insurance Company, while the landlord was Morris Doremus Avenue Associates Urban Renewal LLC. The loan amount for this refinance transaction was $110,000,000. The property involved in this deal is a new construction warehouse, and the loan terms include refinancing a construction loan to a permanent loan.