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J&L Companies, Inc Acquires Multifamily Property In Newark, NJ For $94M

55 Union Street
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This MultiFamily property located in NJ received a loan of $94,000,000 almost 4 years ago. The brokers of the deal were Matthew Hirsch, Steven Deck, and Drew Fletcher

The multifamily property located at 55 Union Street in Newark, NJ has recently been involved in a closed transaction. The loan for this property was provided by Valley National Bank, Bank Hapoalim, Abanca USA, and TriState Capital Bank. The loan amount totaled $94,000,000. The property consists of a total of 403 units.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $94,000,000
  • Address: 55 Union Street
  • Market: Newark, NJ
  • Lender: Valley National Bank, Bank Hapoalim, Abanca USA, TriState Capital Bank
  • Landlord: J&L Companies, Inc - Jose Lopez
  • Brokers: Drew Fletcher, Matthew Hirsch, Steven Deck - Greystone
  • Units: 403

The individuals and companies involved in this deal include Drew Fletcher, Matthew Hirsch, and Steven Deck from Greystone who represented the parties as brokers. The landlord of the property is J&L Companies, Inc, with Jose Lopez as the representative.

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Deals
  • Location
    55 Union Street, Newark, NJ, USA55 Union Street, Newark, NJ, USA
  • Loan Value
    $94,000,000$94,000,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 1 Agency, 2 Lenders3 Brokers, 1 Agency, 2 Lenders

Agents

Matthew Hirsch

Matthew Hirsch

Deals5
Financed$387M

Steven Deck

Steven Deck

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Financed$300M

Agency

Greystone

Greystone

Agency
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Volume$7.3B

Tristate Capital Bank

Tristate Capital Bank

Lender
Deals8
Volume$ 11.5B

Abanca USA

Abanca USA

Lender
Deals6
Volume$ 6B

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Deal Summary

LOAN IMAGE: Drew Fletcher, Steven Deck, Dov Kotler, Jim Getz & Matthew Hirsch DATE: 06/24/2021 ADDRESS: 55 Union Street MARKET: Newark, NJ ASSET TYPE: Multifamily LENDER: Valley National Bank, Bank Hapoalim, Abanca USA & TriState Capital Bank LANDLORD: J&L Companies, Inc - Jose Lopez BROKERS: Drew Fletcher, Matthew Hirsch & Steven Deck - Greystone LOAN AMOUNT: $94,000,000 UNITS: 403

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55 Union Street

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