Bravo Property Trust Supplies $62M Refi on Newark Apartments Development
By Andrew Coen October 9, 2024 3:13 pm
reprints
A joint venture between Tona Development Group and KS Group has landed $62.2 million of bridge debt to refinance a multifamily property in Newark, N.J., Commercial Observer can first report.
Bravo Property Trust provided the senior bridge loan for the sponsorship’s planned 15-story 50 Sussex Avenue building, where construction is wrapping up and scheduled to be complete by the end of 2024.
“This loan underscores our commitment to supporting transformative developments in growing urban markets,” Bravo Property Trust CEO Aaron Krawitz said in a statement.
The refinance loan by Bravo was closed a year and a half after the 50 Sussex development inked $50 million of construction financing from Valley National Bank, Bank Leumi Le-Israel and investment company Be Aviv, as CO first reported at the time.
Located in Newark’s University Heights neighborhood, 50 Sussex Avenue will consist of 203 apartments and 2,475 square feet of ground-floor retail space. Community amenities will include a fitness center, film room and lounge.
“We’re excited to be nearing the completion of 50 Sussex,” Tona CEO Domenick Tonacchio said in a statement. “We’re proud to contribute to Newark’s continued growth and development.”
Meridian Capital Group’s Shlomo Weissberg arranged the transaction.
Weissberg said in a statement that the loan includes “terms that matched the sponsor’s needs and growth strategy.”
Andrew Coen can be reached at acoen@commercialobserver.com
