CDK Lending has provided a USD 36.7 million loan for the pre-development of a mixed-use multifamily project in Newark, New Jersey. The loan was granted to RBH Group, which plans a 420-unit apartment complex with ground-floor retail at 101 Market Street in the Four Corners neighbourhood near downtown Newark. This financing is intended to replace a previous loan provided by Goldman Sachs for the long-planned development, which is located on a 5.65-hectare consolidated site.
Meridian Capital Group arranged the transaction with a team led by David Bollag and Naphtali Marrus. David Bollag commented positively on the transaction: "Downtown Newark has experienced remarkable momentum over the last decade, and a development-ready land inventory of this magnitude in the central business district is exceptionally hard to find."
Strategic Land Consolidation and Further Projects
RBH Group has reportedly been consolidating land for the mixed-use development since 2005, consisting of 49 individual, contiguous parcels. This strategic approach enables the realisation of comprehensive urban development projects in key areas of Newark. 101 Market Street is part of this larger vision.
In addition to the current undertaking, RBH Group plans to commence another 241-unit multifamily project at the nearby 193 Market Street next year. Furthermore, other developments are being considered for the site, which is approximately half a mile from Newark Penn Station. These projects underscore RBH Group's commitment to urban regeneration and growth in Newark.
Comprehensive Development Strategy in Newark
The Newark-based RBH Group is also developing the Teachers Village project at 243 Halsey Street in Newark. This project comprises 203 apartments specifically tailored for local educators. These initiatives reflect the company's broad development strategy, which promotes both housing and social infrastructure in the city. RBH Group's continued investments contribute significantly to the revitalisation of the downtown areas.
- —The 101 Market Street project includes 420 residential units and retail space.
- —The $36.7 million loan is from CDK Lending.
- —Meridian Capital Group orchestrated the financing.
- —RBH Group plans further projects, including 193 Market Street and Teachers Village.
