Northwind Group Provides $22M Loan For Multifamily Redevelopment In Newark

Manhattan's Northwind Group has provided a $22 million mortgage loan for the redevelopment of 303 Washington St. in downtown Newark. The property will be transformed into modern multifamily apartments with luxury amenities. The loan, facilitated by Northwind's debt funds, supports the joint venture developers in completing construction and leasing the property to tenants.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $22,000,000
• Units: 92
• Address: 303 Washington Street
• Market: Newark

The project at 303 Washington St. is being led by a joint venture formed by Albert Nigri of Summit Assets and Avi Benamu & Jack Hazan of Winchester Equities. They will oversee the transformation of the property into modern multifamily apartments. The landlord's representatives for the deal are Ben Frances & Zach Mordechai of MSCO Capital Advisors LLC. They will work alongside the developers to ensure a successful completion and leasing of the property. On the lending side, Ran Eliasaf of Northwind Group provided the mortgage loan, while John Vavas of Polsinelli acted as the lender's representative.