Banking / Financial

Amboy Bank Provides $33M Construction Financing for East Orange Luxury High Rise

Old Bridge-based Amboy Bank closed on a $33 million construction loan for Newark-based developer Blackstone 360 LLC, also known as B-360. Named “Allure 260,” the building is B-360’s fifth major development in East Orange and is expected to cost $45 million. They are expected to break ground on the luxury residential high rise at 260 S. Harrison Street in East Orange, New Jersey within a month.

This loan is the third to B-360 from Amboy Bank, a full-service commercial bank based in Old Bridge, New Jersey.  “Throughout our 130-year history as an independent bank, we have never lost sight of the fact that partnering with inventive and adept companies boosts our success and creates a positive impact across New Jersey,” said Gregory Scharpf, President & CEO of Amboy Bank. “Together with B-360, we’ve been catalysts for transformative change in the City of East Orange.”

Allure 260 will bring the developer’s total investment in the city to approximately $150 million over the last decade. The largest construction project in the city to date by B-360, Allure 260 will expand over 18 stories, encompass 325,000 square feet, and contain 201 luxury residences.

Avison Young Principal George Gnad brought Amboy Bank and B-360 together. He noted, “We are pleased to have worked with both B-360 and Amboy Bank on this transaction. B-360 has already enhanced the East Orange skyline through the construction of its four previous luxury high rise properties, and Amboy Bank has more than lived up to their reputation as a lender that delivers tailored financing with favorable terms.”

Ibrahim Hasan, Managing Member of B-360 agrees. “Our relationship with Amboy Bank has been more like a partnership than a series of commercial transactions. They saw the opportunity, believed in the vision and invested with us in the creation of a vibrant community. We’ve come a very long way together, and intend to strengthen that relationship as the year’s progress.”

With the addition of Allure 260, B-360 will have developed a portfolio of more than a million square feet comprised of more than 700 contemporary residences and more than 30,000 square feet of retail space. B-360 develops, owns, and manages its entire real estate portfolio valued in excess of $200 million.

With the closing of this latest loan, Amboy Bank has supplied financing of approximately $85 million to B-360.

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