Dwight Capital closed a $110-million HUD 223(f) loan for 55 Union, a newly constructed 403-unit multifamily community in Newark, NJ. Managing Director Josh Hoffman and Jonathan Pomper originated the transaction on behalf of the borrower, locally based J&L Companies.
Loan proceeds were used to retire existing debt, fund closing costs, establish a replacement reserve, and allow the borrower to access equity recaptured during the construction and lease-up. “We’re grateful to Dwight Capital for their exceptional support and execution throughout the HUD loan process, bringing deep expertise and making what can be a complicated transaction feel seamless and well-managed,” said Gabriel Lopez, principal at J&L Companies.
Completed in 2023, the property consists of a 12-story high-rise building featuring 3,222 square feet of ground-floor commercial space. It is situated half a mile from Downtown Newark and provides convenient access to the city’s central business and cultural hub, anchored by The Prudential Center.
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