Amboy Bank, a commercial bank based in Old Bridge, announced Wednesday it has closed on a $33 million construction loan for Newark-based developer Blackstone 360.
The loan will be used toward Allure 260, an 18 story, 325,000-square-foot luxury residential tower. The property, which will boast 201 residences, will be located at 260 S. Harrison St. in East Orange.
B-360 said it expects to break ground within a month.
“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,” Gregory Scharpf, CEO and president of Amboy Bank, said. “Together with B-360, we’ve been catalysts for transformative change in the City of East Orange.”
The high rise is B-360’s fifth major development in East Orange and is expected to cost approximately $45 million — bringing the developer’s total investment in the city to $150 million over the last decade.
“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,” George Gnad, pricipal, Avison Young, said.
