Real Estate

IDB Bank Closes $31M Bridge Loan for Art of Newark

IDB Bank, a New York-based private and commercial bank, closed a $31 million bridge loan for The Art of Newark, a recently completed 155-unit residential building located at 44 Irvine Turner Boulevard in Newark. The loan will support the initial lease-up of the upscale mid-rise multi-family building.

“The Art of Newark brings together luxury living for the unique and vibrant community of Newark. In working with IDB, we continue to fully realize this vision, as we remain well capitalized in the final stages of this project,” said Yuval Shram, President & CEO of Tay Investments.

The Art of Newark is recognized among the top luxury and full-service amenity buildings amid downtown Newark’s revitalization. The building features luxury amenities including a Techno-gym Integrated Fitness Center, on-site pet washing and outdoor dog run, secured package room, virtual doorman system, bicycle storage, attached parking garage, outdoor courtyard, media room and lounge.

The Art of Newark is celebrated as an important milestone in the City of Newark and its fight against housing insecurity. The newly built development by Tay Investments, has designated 20 units (13% of the total units) under the city’s Inclusionary Zoning Ordinance (“IZO”). The IZO Amendment allows Newark residents new affordable housing opportunities.

“We are proud to issue this important bridge financing facility to Tay Investments. The recent development of the Art of Newark signals the City of Newark’s continued commitment to revitalization and community reinvestment. In working closely with Tay Investments, we were able to fulfill their unique financing needs and close in a timely manner as well as build a relationship for future opportunities with an established Sponsor,” said Avi Lieberman, Team Leader New York Commercial Real Estate of IDB Bank.

The bridge financing provided to the Art of Newark was led by IDB Bank’s Laura Greenfield, Head of New York Commercial Real Estate; Avi Lieberman, Team Leader; and Ryan Shay, Senior Analyst.

To access more business news, visit NJB News Now.

Related Articles: