Apartments in Newark’s University Heights Secure Construction Loan

Commercial mortgage brokerage Drew Capital has secured $16.25 million in construction financing toward the development of Central Pointe, a 77-unit multifamily property in the University Heights neighborhood of Newark, NJ. The loan was arranged by Akiva Drew, founder of Drew Capital.

The borrowers were Jeff Blau and Eitan Chakov of Giga Holdings of Newark. Drew Capital arranged the loan through Trevian Capital, a New York-based provider of commercial real estate financing.

“Central Pointe is contributing to the revitalization of downtown Newark,” said Drew. “Drew Capital is proud to work with the ownership team in helping to bring economic growth back to a previously underutilized corridor.”

The six-story structure will be located at 380 Central Ave. between First Street and Morris Avenue, near the New Jersey Institute of Technology and University Hospital. Sixteen units will be designated as affordable. The building is scheduled for completion in the summer of 2027.

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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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