CDK Lending Supplies $37M Loan for Newark Apartments Project

RBH Group has landed $36.7 million of pre-development financing for a mixed-use multifamily project in Newark, N.J., Commercial Observer has learned.

CDK Lending provided the loan on the developer’s planned 420-unit apartment complex with ground-floor retail space at 101 Market Street in Newark’s Four Corners neighborhood near downtown. The debt pays off a previous loan provided by Goldman Sachs for the long-planned development, which is located within a 5.65-acre land assemblage site. 

Meridian Capital Group arranged the transaction with a team led by David Bollag and Naphtali Marrus.

“Newark’s downtown has seen remarkable momentum over the past decade, and a development-ready assemblage of this scale in the central business district is exceptionally hard to come by,” Bollag said in a statement. 

RBH Group has been assembling land for a mixed-use development consisting of 49 separate contiguous lots since 2005, according to Bollag. The firm also plans to commence a 241-unit multifamily project at nearby 193 Market Street next year and is eyeing other developments at the site roughly half a mile from Newark Penn Station.

Newark-based RBH Group is also developing the Teachers Village project at 243 Halsey Street in Newark featuring 203 apartments geared toward local educators. 

CDK Lending and RBH Group did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.