The developers behind the first phase of a luxury high-rise apartment complex planned for downtown Newark have clinched $90 million of financing for construction, according to a Jan. 26 announcement.
Parkview Financial, based in Los Angeles, will provide the $90 million loan for Acier Holdings’ Phase 1 of the Halo, a high-rise apartment building in Newark that will include 297 units towering 38 stories over the Brick City’s downtown.
Once completed, The Halo Newark will include 949 units spanning three towers, and will alter the city’s skyline. Developers envision The Halo as a low-cost housing alternative close to Manhattan.
It’s one of the latest developments in the past decade to come to New Jersey’s largest city, frequently touted as a community on the rise after decades of economic drag.
Lakewood-based Acier bought the property in 2017 for nearly $11 million, and may qualify for a subsidy program with the city known as a payment in lieu of taxes agreement, which would likely last 30 years.
“In 2020 we decided that the time is ripe for Newark to have a project built on par with major international cities such as London, Tokyo and obviously New York City,” Acier said Wednesday.
“The City of Newark, who helped us considerably and supported us in every step of the process, shares our vision for the city and for the future of it.”
Phase 1 is slated to occupy 0.62 acres at 289 to 301 Washington St., and include 156 studio apartments, 84 one-bedrooms and 57 two-bedrooms. It will also boast an array of luxury amenities, like a rooftop deck with Manhattan views, a sauna, fitness center, lounges, workspaces and conference rooms. Construction is slated to begin immediately and finish in January 2024, according to the announcement.
“Newark continues to see billions of dollars in capital investment for new and redevelopment projects and we have identified this as an expanding rental market, convenient to Manhattan and other major job centers for its residents,” Parkview President and Chief Executive Officer Paul Rahimian said in the Wednesday announcement.
Parkview is also financing Acier’s planned 274-unit luxury apartment community in Elizabeth called Jersey Walk – just south of Newark – with a $56 million loan.