Valley National, Bank Leumi, Be-Aviv Lend $50M on Newark Multifamily Build
A RENDERING FOR 50 SUSSEX IN NEWARK
TONA CONSTRUCTION & MANAGEMENT
Originally Published by Commercial Observer
By: Andrew Cohen
Tona Construction and Management and its joint venture partner KS Group have secured $49.9 million of construction financing to build a multifamily tower in Newark, N.J., Commercial Observer has learned. Valley National Bank, Bank Leumi Le-Israel and Be-Aviv supplied the two-year loan for the JV’s 203-unit rental project at 50 Sussex Avenue in Newark’s University Heights neighborhood. Wayne, N.J.-based Valley National was the senior lender on the deal.