A Brooklyn investor is placing a large bet on the redevelopment of downtown Newark, NJ, while office leasing continues apace in the urban core and in the outer rings. Here are some deals we noted:

SALES

NEWARK, NJ–Eastern Union Funding arranged a $28.8 million acquisition loan on behalf of Brooklyn based investment company PF Holdings LLC for its purchase of the Hallmark House, a 20 story, 429-unit luxury apartment complex, with an additional commercial space, located at 10 Hill Street near City Hall in Newark, NJ. Eastern Union's David Metzger and Nate Hyman originated and arranged a fixed-rate non-recourse, 10-year loan with a competitive rate of 3.25 percent. The financing covered 80 percent of the purchase price. The property is a prime example of the changing landscape, and positioned to benefit from all of the activity, says Hyman. “It's a prime location, there's a lot of upside on the commercial unit and we were able to get a great deal structured,” says Hyman. “We have close relationships with local banks that are noticing the redevelopment and will compete on leverage and rate in Newark.”