Progress Capital Arranges $53 Million in Refinancing for Newest Luxury Gated Complex in East Orange
Brad Domenico of Progress Capital secured $53,000,000 in refinancing for Airaj and Ibrahim Hasan, of Blackstone 360 an owner/developer of LOTUS 315 – an 8-story, Class-A luxury mixed-use building located at 315 South Harrison Street.
Arbor Commercial Mortgage provided 3-years interest only financing on a non-recourse basis.
The property was built in 2019 by Newark-based real estate development firm Blackstone 360 (B360), who owns and operates the gated complex. LOTUS 315 features a sleek, ship-like structured building with 180 residential units coupled with 33,151 SF of ground-floor commercial space. Its apartment interiors are outfitted with strand-woven bamboo floors, stainless steel appliances, Italian-style kitchens and an in-unit washer/dryer. Additional luxury essentials include gated entry, underground parking, 24-hour doorman and gorgeous outdoor garden with party lounge, private garden terraces and a state-of-the-art gym. The residence also provides shuttle service to Newark Penn Station, giving commuter tenants a hassle-free transportation option to the NJ Transit line with service to NYC.
LOTUS 315 is situated along the bustling corridor of South Harrison Street at the cross-section of East Orange and South Orange, for easy access to Seton Hall University and the East Orange VA Hospital. Major highways including I-280 and Garden State Parkway are also within close proximity.
B360’s business model is built on locating prime real estate within overlooked, urban markets and transforming these areas into high-end multi-family rentals. The firm’s heritage as a general contracting firm allows them to utilize a vertically integrated, 360-degree model of development, design and construction in-house, with the capacity to deliver tremendous stabilized value compared to cost. www.b360.us
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple!