Michael Hoffenberg & Charlie Zabriskie Of Trevian Capital Provide $17.3M Refinance Loan For Multifamily Property In Newark

The transaction involves a multifamily asset located at 486 Market Street, 502 Market Street, and 556 Market Street in Newark. The loan amount secured for the property is $17,300,000, which is structured as a refinance. The terms of the loan specify a lease-up bridge with the potential to earn out over $1,000,000 upon leasing completion.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $17,300,000
• Lender: Michael Hoffenberg & Charlie Zabriskie - Trevian Capital
• Landlord: Daniel Spiegel & Yehuda Kotkes - KS Group; Jeff Blau - Giga Holdings
• Brokers: Shlomo Weissberg & Jeff Feldman - CBRE
• Loan Type: Refinance
• Loan Terms: Lease up bridge with ability to earn out $1M+

The brokers involved in this transaction are Shlomo Weissberg and Jeff Feldman from CBRE. They arranged the lease-up bridge loan to refinance the sponsors' existing construction loan, facilitating the completion of the leasing process for a potential takeout through CBRE's agency, which is also tied to the $1M+ earnout structure noted in the loan terms.