Dwight Capital Refis Newark Apartments With $110M HUD Loan
By Andrew Coen February 17, 2026 12:44 pm
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New Jersey developer J&L Companies has landed $110 million of U.S. Department of Housing and Urban Development (HUD)-backed debt to refinance a newly built multifamily asset in Newark, N.J., Commercial Observer can first report.
In a deal originated by Josh Hoffman and Jonathan Pomper, Dwight Capital closed the HUD 223(f) loan for J&L’s 403-unit 55 Union project completed in 2023. In addition to retiring existing debt, the loan established a replacement reserve account while also enabling the borrower to access equity recaptured during the construction and lease-up process, according to Dwight.
“It is always rewarding to support strong local ownership on a marquee asset in their home market,” Hoffman said in a statement.
Located at 55 Union Street a half mile east of Downtown Newmark, the 12-story apartment building features 3,222 square feet of ground-floor commercial space. Community amenities include a fitness center, grill stations, fire pits and a rooftop garden.
“As Newark continues to grow and strengthen its position among top-tier urban markets, HUD 223(f) financing offers Class A operators an attractive source of long-term capital to support stable, high-quality assets,” Gabriel Lopez, principal at J&L Companies, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com.
