New York & Tri-State + New Jersey + Finance | June 29, 2021

Greystone Arranges $94M Construction Loan for Newark Multifamily

Greystone recently arranged a $94-million construction loan for an affiliate of J&L Companies to finance the development of a 12-story, 403-unit Class A multifamily project at 55 Union St. in Newark, NJ’s Ironbound District.

The construction loan was provided by a four-bank syndicate led by Valley National Bank (VNB), with Bank Hapoalim, Abanca USA, and TriState Capital Bank as participants.

Greystone Capital Advisors, led by president Drew Fletcher, director Matthew Hirsch and VP Steven Deck, served as the exclusive advisor in arranging the financing.

“As a local developer, long-term stakeholder, and property owner for over 40 years, J&L is deeply committed to advancing the revitalization of downtown Newark by developing projects that will create a thriving, vibrant neighborhood for local residents and businesses,” said Fletcher. “We are excited to have delivered this execution and look forward to growing our relationships with J&L and our financing partners at VNB.”

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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 13-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 15-20 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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