Cash package for Newark re-development: Singer & Bassuk Organization.
The Singer & Bassuk Organization LLC (SBO) -arranged $27.5 million in financing for affiliates of RBH Group LLC in Newark, New Jersey.
The loans include a $25 million first mortgage land loan from an affiliate of Knlghthead Funding LLC covering several future development parcels in the area south of Market Street (SoMa) in downtown Newark, as well as a simultaneously-funded $2.5 million second mortgage from Prudential Impact Investments Mortgage Loans, LLC covering the 909 Broad Street development in Newark.
SBO serves as global Real Estate Finance Advisor to RBH Group. Scott A Singer, President, and Jeffrey Moroch, Managing Director led SBO's efforts in the transaction.
Laurie Grasso of Hunton & Williams LLP and Leah Sandbank of McManimon, Scotland & Baumann, LLC served as lead borrower counsel.
RBH Group is chaired by President and CEO Ron Beit, and the lead financial investors within RBH Group's SoMA Newark Development Project are Goldman Sachs Urban Investment Group, Nicolas Berggruen, the Founder and President of Berggruen Holdings and the Berggruen Institute, Frederick Iseman, CI Capital Partners, and Warren " Lichtenstein, Steel Partners.
The SoMa Redevelopment Project encompasses over 15 million square feet of development " capacity within a 23-acre area southwest of Market Street.
The SoMa Master Plan, developed by architect ' Richard Meier and Ron Beit, strives to create a place in downtown Newark that brings a mix of daytime and nighttime users to the urban core by encouraging rehabilitation, and new residential and retail development in the center of the city.
Specifically, it calls for the emergence of distinct new neighborhoods consisting of thousands of residential units, hotels, retail districts, diverse uses connected via vibrant, walkable and active streets, and development that leverages mass transit.
Beit has acquired and assembled 79 parcels in downtown Newark since 2001,
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|Title Annotation:||RBH Group LLC|
|Comment:||Cash package for Newark re-development: Singer & Bassuk Organization.(RBH Group LLC)|
|Publication:||Real Estate Weekly|
|Article Type:||Brief article|
|Date:||Apr 5, 2017|
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