FM Capital Secures $49.9M Construction Loan For Multifamily Project In Newark, NJ

The multifamily property located at 50 Sussex Avenue in Newark, NJ has recently undergone a closed transaction. The property spans approximately 178,170 square feet and consists of 238 units.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $49,908,489
• Address: 50 Sussex Avenue, Newark, NJ
• Market: Newark, NJ
• Square Footage: 178,170
• Number of Units: 238

The loan for this property was provided by Valley National, BE Aviv, and Bank Leumi Le-Israel. The landlord of the property is Domenick Tonacchio. The brokers involved in the deal were Avi Eyal, Josh Pollack, and David Wenger from FM Capital.

The loan, totaling $49,908,489, was of the construction type. The terms of the loan included 75% loan to cost, including imputed land value, and 80% of actual costs. The term of the loan was set at 24 months.

Some unique facts about this deal include the following:

• This was the borrower's first development in New Jersey.
• A combination of three lenders was utilized to mitigate risk and meet the borrower's financial needs.
• The borrower has a proven track record in building projects in Brooklyn and Florida.
• The project is in close proximity to three major colleges.

For more information on this transaction, please contact Avi Eyal at [email protected].