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thebruns t1_jc2ytqg wrote

This building is like halfway done already

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Ironboundian t1_jc30agj wrote

“….Pollack noted that Tona used its own funds to pour 12 floors of concrete before the loan closed. “

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Newarkguy1836 t1_jc4vk6y wrote

It's great to see developers have enough confidence in Newark to actually put their own money and get things going.

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GhostOfRobertTreat t1_jc773kt wrote

Permanent financing as opposed to a construction loan. In this case looks like the developer “loaned itself” some cash.

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thebruns t1_jc77meu wrote

Imma loan myself some cash and the write it off

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GhostOfRobertTreat t1_jc7dx37 wrote

Meh. It’s kind of like taking a mortgage on your house at 5% because you can take the cash out and invest it at 7%.

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1Pichi t1_jc3ecks wrote

Great news

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Newarkguy1836 t1_jc4vsqr wrote

Tona is planning another similar height structure a "few blocks away" plus the apartment building on Central Avenue near the intersection with 1st Street directly across from the old Cablevision headquarters.

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AdRevolutionary8544 t1_jc65o4v wrote

I live down the street from this. It came up incredibly fast. I wish the city would sell their municipal land in the same area and put a few more of these guys up

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Jerz2florida t1_jc51q65 wrote

Looks like that new apartment building that got built in East Orange a few years back.

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naglephoto t1_jcmnlrw wrote

Same architect as Allure 258, INOA Architecture

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