Tona Development and KS Group have closed on a $49.9 million construction loan to complete a new rental building at 50 Sussex Avenue in Newark, New Jersey. Designed by INOA Architecture, the building will top out at 15 stories and contain a mix of 203 apartments and 2,000 square feet of ground-floor retail space.
“This property is a perfect illustration of the revitalization now underway in Newark’s central core,” said Avi Eyal, a vice president at FM Capital, which arranged the transaction. “FM Capital leveraged our keen understanding of the real estate finance marketplace to deliver a competitive loan for this outstanding project.”
Renderings of the property illustrate a rounded rectangular form with undulating glass and an exposed concrete exterior wall. This shape creates voids and cantilevers that make space for the private residential terraces.
Within the structure, apartments will range from studios up to two-bedroom floor plans. Select units will also offer private outdoor space.
The amenity collection will include a residential lounge, a fitness center, a yoga room, a flexible tenant lounge, a communal terrace, a theater, and on-site parking for 16 vehicles.
Rendering the resident lounge at 50 Sussex Avenue – Courtesy of INOA Architecture
Rendering of model apartment at 50 Sussex Avenue – Courtesy of INOA Architecture
Rendering of 50 Sussex Avenue – Courtesy of INOA Architecture
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Despite all the glass, it’s a really good design. Good for Newark!