New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
FM Capital Secures $50M Construction Loan for Newark Apartments
FM Capital, a New York City-based commercial real estate firm specializing in loan originations and direct lending, has secured a $49,908,489 construction loan in support of 50 Sussex Ave. in the University Heights district of Newark, NJ.
The 15-story, 203-unit rental property, scheduled for completion in mid-2024, is being developed by Freehold, NJ-based Tona Construction and Management. The development’s ground floor will include 2,000 square feet of commercial space.
The FM Capital brokers in the transaction were EVP Josh Pollack and VPs Avi Eyal and David Wenger.
With a 24-month term, the transaction carries a 75% loan-to-cost ratio. To mitigate risk and meet the borrower’s requirements, FM Capital leveraged a combination of three lenders: Valley National, Bank Leumi Le-Israel, and Be-Aviv.
The project is the first New Jersey development for Tona Construction and Management, which has a substantial portfolio of building projects in Brooklyn and Florida.
- ◦Financing
