Developers Land $49.9M Loan for Newark Mixed-Use Project

Joint development partners, Tona Construction & Management, and KS Group have just landed a $49.9 million loan for a 15-story residential project, rising at 50 Sussex Avenue in Newark, New Jersey. Issued by Valley Bank, BE Aviv, and Bank Leumi, this influx of capital will be used to fund all construction costs from start to finish.

Designed by INOA Architecture, the 150-foot tall structure will contain PRO luxury rental apartments, available in studio, one, and two-bedroom configurations. Tenant amenities will total 4,690 square feet and are to include a fitness center, a residential lounge, an outdoor terrace, and a special event room.

Plans also call for PRO square feet of ground-floor retail space, as well as an enclosed parking garage, with enough room for PRO vehicles.

Replacing three small commercial buildings and spanning 50-54 Sussex Avenue, the project was approved in late 2021. Ground broke this past September and at this point, the team is close to topping out the concrete superstructure. Construction is ultimately expected to complete in the early half of 2024.

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