NEWARK, NJ—P.F. Holdings has acquired the 22-story rent-controlled Colonnade apartment building in Newark, NJ - designed by architect Mies van der Rohe - in a highly competitive transaction in a market rapidly gaining recognition for its upside potential.
Eastern Union Funding's David Metzger and Nate Hyman represented the buyer and brokered the acquisition financing with Greystone Funding, locking in $41.2 million in non-recourse debt for ten years, with five-years interest-only. Law firm Feinstein, Raiss, Kelin & Booker represented the client.
The 80 percent leverage achieved in the debt was complemented by $7 million of preferred equity which when combined, infused 93 percent of all-in costs into the client's capital stack.
"The structure of this deal was superb," Hyman says. "We had a powerful team of underwriters, attorneys, not to mention a strong relationship with Greystone. By virtue of all that intellect we delivered the most competitive product possible."
The Colonnade is a landmark multifamily property, designed by famed minimalist architect Mies van der Rohe and opened in 1960.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
