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CDK Lending provides $36.7M pre-development loan for Newark multifamily site
The financing supports RBH Group’s planned 420-unit, mixed-use complex at 101 Market Street, with ground-floor retail in the Four Corners area near downtown.
CDK Lending has secured $36.7 million of pre-development financing for RBH Group’s mixed-use multifamily project in Newark, New Jersey, Commercial Observer reports. The planned development is set for 101 Market Street in the Four Corners neighborhood near downtown and will include 420 apartment units alongside ground-floor retail space.
The new debt will pay off a prior construction-related loan that Goldman Sachs provided for the long-planned project, according to Commercial Observer. The site sits within a 5.65-acre land assemblage and the reporting says Meridian Capital Group arranged the transaction, with a team led by David Bollag and Naphtali Marrus.
Bollag said Newark’s downtown has gained momentum over the past decade and that a development-ready land assemblage of this size in the central business district is hard to find. The outlet also notes RBH Group has been assembling the contiguous land for the project since 2005.
Beyond 101 Market Street, RBH Group plans to begin work on a 241-unit multifamily project at 193 Market Street next year and is evaluating additional development opportunities at a site about half a mile from Newark Penn Station. The firm is also developing the Teachers Village project at 243 Halsey Street, which includes 203 apartments targeted to local educators, Commercial Observer adds.