Apartments in Newark’s University Heights Secure Construction Loan
Commercial mortgage brokerage Drew Capital has secured $16.25 million in construction financing toward the development of Central Pointe, a 77-unit multifamily property in the University Heights neighborhood of Newark, NJ. The loan was arranged by Akiva Drew, founder of Drew Capital.
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.
“Central Pointe is contributing to the revitalization of downtown Newark,” said Drew. “Drew Capital is proud to work with the ownership team in helping to bring economic growth back to a previously underutilized corridor.”
The six-story structure will be located at 380 Central Ave. between First Street and Morris Avenue, near the New Jersey Institute of Technology and University Hospital. Sixteen units will be designated as affordable. The building is scheduled for completion in the summer of 2027.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout