Just months after opening, The Art of Newark achieved a full-lease up and now developer Tay Investments has secured a $30 million refinancing deal through IDB Bank, a New York-based private and commercial bank. The fixed-rate loan with a three-year term signals IDB’s continued support for both the 155-unit residential building and Tay Investments.
The refinancing team was led by IDB’s Avi Lieberman, Head of New York Commercial Real Estate, and Ryan Shay, Associate Relationship Manager. Greystone Capital Advisors’ Drew Fletcher and Bryan Grover were also key drivers in the deal.
“We are pleased to continue our important relationships with both Tay Investments and The Art of Newark,” said IDB’s Avi Lieberman. “Our recent refinancing speaks strongly of our continued support for this state-of-the-art development, which serves as an important milestone in Newark’s ongoing revitalization.”
The Art of Newark is an upscale, full-service building located at 44 Irvine Turner Boulevard in Newark’s University Heights. The residential development features a modern architectural design and an impressive list of amenities. The building also includes 20 designated affordable units
“We are thrilled to mark this important milestone, signifying the successful completion and full stabilization of one of the biggest and most exciting new projects in the heart of Newark,” said Yuval Shram, President and CEO of Tay Investments. “This is a true testament to Newark’s commitment to the community’s growth.”
Tay Investments was founded by Shram in 2010. The company focuses on bringing high-quality, attainable housing to urban communities. The firm has delivered 22 projects, totaling more than 1,200 residential units and 300,000 square feet of office space.
IDB Bank is a commercial bank chartered in New York and a wholly-owned subsidiary of Israel Discount Bank LTD. Headquartered in Manhattan, IDB Bank has offices in California, Florida and throughout the tristate area. The bank offers a broad range of private banking and commercial banking services to U.S and international clients.
