Progress Capital arranges $53M refinancing for luxury complex Lotus 315

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Progress Capital said on July 19 that partner Brad Domenico secured $53 million in refinancing for Airaj and Ibrahim Hasan of Newark-based Blackstone 360, the owner/developer of Lotus 315.

Arbor Commercial Mortgage provided 3-years interest-only financing on a non-recourse basis for the eight-story, Class-A luxury mixed-use building located at 315 S. Harrison St. in East Orange.

The complex was built in 2019 and features a sleek, ship-like structured building with 180 residential units coupled with 33,151 square feet of ground-floor commercial space.

Lotus 315’s apartment interiors are outfitted with strand-woven bamboo floors, stainless steel appliances, Italian-style kitchens and in-unit washers/dryers.

Additional luxury essentials include gated entry, underground parking, 24-hour doorman and an outdoor garden with party lounge, private garden terraces and a state-of-the-art gym.

The residence also provides shuttle service to Newark Penn Station, giving commuter tenants a hassle-free transportation option to the New Jersey Transit line with service to New York City.

Lotus 315 is situated along the corridor of South Harrison Street at the cross-section of East Orange and South Orange, with easy access to Seton Hall University and the East Orange VA Hospital. Major highways, including Interstate 280 and Garden State Parkway, are also within close proximity.