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Dwight Capital Closes $110M HUD Loan for Newark Multifamily


Dwight Capital closed a $110-million HUD 223(f) loan for 55 Union, a newly constructed 403-unit multifamily community in Newark, NJ. Managing directors Josh Hoffman and Jonathan Pomper originated the transaction on behalf of the borrower, locally based J&L Companies.

Loan proceeds were used to retire existing debt, fund closing costs, establish a replacement reserve, and allow the borrower to access equity recaptured during the construction and lease-up. “We’re grateful to Dwight Capital for their exceptional support and execution throughout the HUD loan process, bringing deep expertise and making what can be a complicated transaction feel seamless and well-managed,” said Gabriel Lopez, principal at J&L Companies.

Completed in 2023, the property consists of a 12-story high-rise building featuring 3,222 square feet of ground-floor commercial space. It is situated half a mile from Downtown Newark and provides convenient access to the city’s central business and cultural hub, anchored by The Prudential Center.

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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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