A redevelopment effort that will transform a series of vacant Newark buildings just obtained a nice chunk of financing as construction looms over the Downtown site.
RBH Group recently announced it has received $37 million in financing for its approved Four Corners project at 101 Market Street. Meridian Capital Group arranged the debt for the project, which spans about five and a half acres on the road’s corner with Washington Street.
The properties have fallen into major decay in recent years, accelerated by an NJ Transit bus crashing into parts of the buildings back in 2013. The Four Corners project is years in the making, with Jersey Digs reporting on the most recent version of the development back in 2022.
“For more than two decades, we’ve believed in Newark’s future and have remained committed to investing in its continued growth,” said Ron Beit, CEO of RBH Group in a statement. “This financing represents another important milestone in bringing our vision to life, creating new housing opportunities and helping drive Newark’s resurgence.”
Designed by Gluck+ Architecture, the eventual development at 101 Market Street will consist of 238 apartments and ground-floor commercial space within a plan that gained unanimous approval from Newark’s Central Planning Board back in 2022. The impact of the plan is significant, as it requires the demolition of six historic buildings — the oldest of which were built in the 19th century.
Meridian’s David Bollag and Naphtali Marrus placed the $36.7 million in financing for the project, which will rise 13 stories. The development isn’t far from a few other noteworthy developments in Downtown Newark that have popped up in recent years, and it sits just a short walk from the Halo property.
“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. “Our objective was to deliver certainty of execution and a capital structure that gives the sponsorship flexibility to advance its plans on its own timeline. It was a competitive process, and we were pleased to close efficiently with a lender that understood the opportunity.”
RBH Group has already obtained building permits for the development, and while an official groundbreaking has not been announced, the company is planning to move forward with beginning construction in the coming months.
