Fleet Completes $72M Financing and Syndication for 744 Broad St.

NEWARK, NJ-A refinancing package has been completed for what Newark Mayor Sharpe James labels the “crown jewel of Broad Street.”

Fleet’s Real Estate Finance group has completed a $72.1 million financing and syndication of an interim loan for 744 Elroy Urban Renewal Investors LLC, for the refinancing of 744 Broad St., a landmark office building also known as the National Newark Building. The refinancing is one of the largest commercial real estate transactions completed in Newark.

Fleet acted as administrative agent and arranger for this transaction, which supports activities that revitalize or stabilize low- and moderate-income neighborhoods. Other banks participating in the transaction are Citibank, City National Bank of New Jersey and Sovereign Bank.