L+M Development Partners on Monday said it closed on a $61.5 million financing loan on a $91.5 million partnership with Urby to create Newark Urby, a transformational mixed-use project at 155 Washington St. in the city’s downtown.
Located in the heart of Newark, this will be Urby’s third development in New Jersey, joining successful projects in neighboring Harrison and nearby Jersey City. Construction of Newark Urby began recently, and substantial completion is expected by the spring of 2022.
In addition to the construction financing, the project will include subordinated debt and more than $20 million in opportunity zone equity raised and deployed by L+M and Urby.
Newark Urby includes the renovation of the existing 18-story tower, which was originally built as a parking garage in the 1920s, as well as the construction of a new four-story building. It will feature 250 market-rate residences ranging from studios to three-bedrooms, along with a host of top-flight resident amenities, featuring a rooftop deck, ground floor courtyard, gym, lounge areas and a music room.
The building will also include roughly 4,000 square feet of neighborhood retail, including a café and a 4,000-square foot Rutgers-Newark welcome center.
L+M acquired 155 Washington St. in June 2019 from Rutgers University-Newark with the intention to develop the property into a mixed-use project with residential and commercial space.
“L+M is proud to once again invest in downtown Newark’s future and further our long-term commitment to its ongoing revitalization,” said Senior Director Sam Chapin. “Newark Urby will bring a long-underutilized lot in the middle of downtown to life through the Urby brand with first-class residences and amenities, community retail and community space. Thanks to our partners at Wells Fargo for helping the project reach this crucial milestone.”
“The thriving, cultural hub of Newark is a perfect match for Urby as we focus on bringing community and fresh perspectives to retail and residential development,” said Urby Chief Executive Officer Dave Barry. “Newark Urby will celebrate the design history of the city with this renovated tower and connect the building to the energy of Rutgers University and the movement within NJ and to NYC via convenient public transit.”
Newark Urby is L+M’s latest investment in downtown Newark, joining Walker House, the fully restored, landmarked former home of NJ Bell, and the historic Hahne & Co. building just blocks away, both developed in partnership with Prudential Financial Inc. and Goldman Sachs Urban Investment Group.