Lakewood-based Acier Holdings received a $90 million construction loan for Phase I construction of what will be Newark’s tallest building — the Halo — according to a Wednesday announcement from Parkview Financial, which provided the loan.
Located at 289-301 Washington St., Phase I of the high-rise apartment project will include 297 units in 38 stories over a five-level parking structure, for a total of 43 stories.
With this loan in place, construction of Phase I will begin immediately, with completion anticipated for January 2024.
Situated on a 0.62-acre land parcel, the unit mix will include 156 studios, 84 one-bedroom units and 57 two-bedroom units. Common-area amenities include a pool, sauna, fitness center with top-of-the-line equipment, multiple lounge rooms, a game room, conference rooms with private office suites, shared workspaces and a rooftop deck with great views of Newark, the Manhattan skyline and beyond.
The building will incorporate the latest technologies, targeting 93% energy efficiency.
Acier Holdings acquired the site in 2017 and subsequently secured approval for a three-phased project to total approximately 949 units in three towers.
The project has been approved by the city of Newark with a Payment in Lieu of Taxes tax abatement program that reduces property taxes to 10% of the revenue for 30 years. Phase I includes 30 affordable units.
“Parkview Financial is pleased to work with Acier Holdings on what will be an iconic addition to Newark’s skyline,” said Paul Rahimian, CEO and president of Parkview Financial. “Newark continues to see billions of dollars in capital investment for new and redevelopment projects, and we have identified this as an expanding rental market, convenient to Manhattan and other major job centers for its residents.”
The Halo will sit one mile east of Rutgers University Hospital and Medical Center and the Rutgers University-Newark campus is located one mile north. Newark Penn Station is three-fourths of a mile northeast, with service including New Jersey Transit, Amtrak and PATH trains for access to the region.
This is Parkview Financial’s second construction loan with Acier Holdings. The first loan was for $56 million in 2020 for the Phase I of Jersey Walk, a 274-unit Class A apartment community at 901 E. Jersey St. in Elizabeth.