303 Washington Street Update 05/01/24

Devs Land $22M Loan for Newark Office to Resi Conversion

Developers, Winchester Equities LLC and Summit Assets, recently secured a $22 million loan for a 10-story, residential project, being carried out at 303 Washington Street in Newark, New Jersey. Issued by Northwind Group, this influx of capital is being used to fund all construction costs.

The project entails an office-to-residential conversion and a 5-story expansion of an existing 5-story building. Designed by Habitat to Art, with The DeRosa Group serving as the architect of record, the development will contain 92 rental apartments, offered in studio, one, and two-bedroom configurations.

Tenant amenities are to include a 360-degree, rooftop deck, a fitness center, a yoga studio, a movie room, a package room, private storage spaces, and resident lounges.

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