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Avi Lieberman Of IDB Bank Refinances $30 Million Loan For Tay Investments In Newark

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FINANCED
$30,000,000

New Jersey

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MultiFamily195,535 SF
Financed 12/30/2024
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Property Image
FINANCED

Avi Lieberman Of IDB Bank Refinances $30 Million Loan For Tay Investments In Newark

44 Irvine Turner Boulevard

See Similar Deals
MultiFamily195,535 SF
Financed 12/30/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$153
Total Square Footage:195,535 SF
Transaction Type:Loan

The property asset involved in this transaction is a multifamily development known as The Art of Newark, located at 44 Irvine Turner Boulevard in Newark. This residential development comprises 155 units and encompasses a total square footage of 195,535. The recent refinancing for this property was executed at a loan amount of $30 million.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $30,000,000
  • Units: 155
  • Square Footage: 195,535
  • Lender: Avi Lieberman - IDB Bank
  • Landlord: Tay Investments
  • Broker: Drew Fletcher - Greystone
  • Loan Type: Refinance

The refinancing was led by Avi Lieberman, who is the Head of New York Commercial Real Estate at IDB Bank, along with Ryan Shay, Associate Relationship Manager. This refinancing demonstrates IDB Bank's continued support for Tay Investments, led by Yuval Shram, and reinforces their commitment to The Art of Newark within the Newark University Heights community.

Players

Drew Fletcher
Greystone
Drew Fletcher
38 deals$6.6B volume
BROKER
Greystone
Greystone
BROKERAGE
IDB Bank
IDB Bank
BROKERAGE
IDB Bank
IDB Bank
LENDER
Greystone
Greystone
LENDER
IDB Bank
IDB Bank
LENDER

Details

FINANCED
IMAGE: Drew Fletcher & Avi Lieberman DATE: 12/30/2024 ADDRESS: 44 Irvine Turner Boulevard MARKET: Newark ASSET TYPE: Multifamily ~ UNITS: 155 ~ SF: 195,535 LENDER: Avi Lieberman - IDB Bank LANDLORD: Tay Investments BROKER: Drew Fletcher - Greystone (@Greystonecref) LOAN AMOUNT: $30,000,000 LOAN TYPE: Refinance NOTE FROM LENDER: We are pleased to announce that IDB Bank has refinanced a $30 million fixed-rate bridge loan to Tay Investments to benefit The Art of Newark, a well-appointed 155-unit residential development within the revitalizing Newark University Heights community. The recent refinancing was led by IDB’s Avi Lieberman, Head of New York Commercial Real Estate, and Ryan Shay, Associate Relationship Manager, and signals the Bank’s continued support for both Tay Investments, led by Yuval Shram, and The Art of Newark.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$30,000,000.00

Monthly NOI$200,000.00
Monthly Debt Service$189,620.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00