NEWARK, NJ — Developers are planning to build a new, 77-unit apartment building in the University Heights neighborhood of Newark.
Drew Capital, a commercial mortgage brokerage based in Jackson, recently announced that it has secured $16.25 million in construction financing toward the development of Central Pointe, a six-story structure that will be located at 380 Central Avenue between First Street and Morris Avenue.
According to Drew Capital, the building will include six studio apartments, 29 one-bedroom units and 42 two-bedroom spaces. Developers said 16 units will be designated as affordable.
The new apartment building will be located near the New Jersey Institute of Technology and University Hospital. The building will include a “state-of-the-art” fitness center, co-working lounges, communal spaces, private balconies and a rooftop garden.
Construction is scheduled for completion in the summer of 2027, developers said.
The property’s gross size is 101,950 square feet, with a net rentable area of approximately 77,000 square feet.
The borrowers were Jeff Blau and Eitan Chakov of Giga Holdings of Newark. Drew Capital arranged the loan through Trevian Capital, a New York-based provider of commercial real estate financing. The building is designed by INOA Architecture.
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