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Thorofare Closes $31M Redevelopment Loan on Newark Apartments

Thorofare Capital closed a $30.8-million redevelopment loan for the complete renovation of a 216-unit, 25-story multifamily tower adjacent to Newark Liberty International Airport and Weequahic Park in Newark, NJ. The loan’s sponsor is New York City-based Chetrit Group.

440 Elizabeth Ave., formerly known as Carmel Towers, is a 1969-vintage tower that has been vacant since 2012. Since purchasing the asset in 2015, the Chetrit Group has fully demolished the interiors and has now determined there’s a need for additional workforce housing. 

“We believe that the building’s location across from Essex County’s largest park and the building’s high concentration of balconies, provide crucial outdoor space, something urbanites desire now post-pandemic,” said David Perlman, head of Thorofare’s New York office and lead originator on the deal. “Further, we are very happy to be starting to work with The Chetrit Group.” 

The mortgage brokers were Two Bins Capital’s Jonathan Bodner and Emanuel Westfried. 

Connect

Inside The Story

Thorofare’s Perlman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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