Amboy Bank closed on a $33 million construction loan for Newark-based developer Blackstone 360 LLC (B-360).
The loan will help fund Allure 260, B-360’s fifth major development in East Orange, NJ, with a total development cost of $45 million.
The developer expected to break ground on the luxury residential high rise at 260 S. Harrison Street in East Orange within a month.
The loan is the third Amboy has arranged for B-360. “Throughout our 130-year history as an independent bank, we have never lost sight of the fact that partnering with inventive and adept companies boosts our success and creates a positive impact across New Jersey,” said Gregory Scharpf, president & CEO of Amboy Bank. “Together with B-360, we’ve been catalysts for transformative change in the City of East Orange.”
Allure 260 will bring the developer’s total investment in the city to approximately $150 million over the last decade.
The largest construction project in the city to date by B-360, Allure 260 will expand over 18 stories, encompass 325,000 s/f, and contain 201 luxury residences.
Avison Young Principal George Gnad brought Amboy Bank and B-360 together. He noted, “We are pleased to have worked with both B-360 and Amboy Bank on this transaction. B-360 has already enhanced the East Orange skyline through the construction of its four previous luxury high rise properties, and Amboy Bank has more than lived up to their reputation as a lender that delivers tailored financing with favorable terms.”