NEW YORK, June 23, 2021 (GLOBE NEWSWIRE) – Greystone, a leading national commercial real estate finance company, today announced that it has set up a $ 94 million construction loan for a subsidiary of J&L Companies, Inc. (“J&L”) to finance the development of a 12-storey, 403-unit, Class A multi-family project located at 55 Union Street in the heart of the Ironbound neighborhood in downtown Newark, New Jersey. The construction loan was provided by a syndicate of four banks led by Valley National Bank (“VNB”), with Bank Hapoalim, Abanca USA and TriState Capital Bank as participants, to finance the project, which also includes 3,000 feet squares of retail space. and a 196-space parking garage.
The project is located two blocks from Newark Penn Station in the Ironbound neighborhood, one of Newark’s most desirable residential enclaves that has become a regional destination known for its vibrant nightlife and diverse mix of dining and shopping. entertainment options. J&L will offer a full suite of high-end amenities, including a rooftop garden and entertainment area; outdoor courtyard with grills; fireplaces and lounge area; and a state-of-the-art fitness center.
Greystone Capital Advisors, led by President Drew Fletcher, Director Matthew Hirsch and Vice President Steven Deck, served as the exclusive advisor to arrange the financing on behalf of J&L.
“As a local developer, long-term practitioner 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 and vibrant neighborhood for residents and local businesses, ”Fletcher said. “We are delighted to have delivered this execution and look forward to developing our relationship with J&L and our financial partners at VNB. “
“We are extremely excited to bring this project to fruition and add to Ironbound’s rich fabric by providing local and future residents with new housing that perfectly complements the neighborhood,” said Jose Lopez, Founder of J&L. “Greystone, VNB and the participating lenders have been a pleasure working with them on this transaction and we look forward to continuing to deepen our relationships with each company in the future. “
Greystone is a national commercial real estate loan, investment and advisory firm with an established reputation as a leader in multi-family and healthcare finance. Its range of services includes commercial loans on various platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and mezzanine. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. Greystone Capital Advisors is a team of full-service real estate intermediaries and advisors serving a select group of the most prominent real estate owners and developers in the United States. For more information, visit www.greyco.com.
About J&L Companies, Inc.
J&L is a family owned real estate company based in Newark, New Jersey, founded over 40 years ago by Jose and Luisa Lopez. Over the past 40 years, the company has invested in a diverse portfolio of real estate assets in the City of Newark and has founded and managed several successful businesses in the areas of development, construction, property and asset management, restaurants and parking. As one of Newark’s largest landowners, J&L currently owns and manages over one million square feet of residential, commercial and industrial buildings, comprising over 30 buildings, above-ground parking lots and developable land. .
About Valley National Bank
Valley National Bank is a regional bank that has been in existence for 93 years. With approximately $ 41 billion in assets and over 200 branches in New Jersey, Manhattan, Brooklyn, Queens, Long Island, Florida and Alabama. The Valley Commercial Real Estate team offers a wide variety of lending solutions. For more information, please visit https://www.valley.com/.