Affiliates of RBH Group has obtained a total of $27.5 million in financing for a pair of projects in downtown Newark. The loans include a $25 million first mortgage land loan from an affiliate of Knighthead Funding LLC covering several future development parcels in the area south of Market Street (SoMa) in downtown Newark. The funding also involved a $2.5 million second mortgage from Prudential Impact Investments Mortgage Loans covering the company’s development at 909 Broad Street in Newark. The financing was arranged by the Singer & Bassuk Organization, a boutique real estate finance intermediary
The SoMa Redevelopment Project encompasses more than 15 million square feet of development capacity within a 23-acre area southwest of Market Street. The SoMa Master Plan, developed by architect Richard Meier and developer Ron Beit, envisions a the creation of a mix of daytime and nighttime functions in downtown Newark. The neighborhood is located near the New Jersey Transit, PATH and Amtrak rail stations, buses and other local transportation.
