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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.
- ◦Financing

