NEWARK, NJ – ABANCA USA took part in a $94 million syndicated loan set to finance a 12-tale, 403-unit Class A multi-family rental project in the heart of Newark’s business district, which will have a total cost of $139 million.
ABANCA USA, the Miami-based bank, joins Valley National Bank, Bank Hapolim, and TriState Capital Bank in providing the funds for this new development located at 55 Union Street, blocks away from Prudential Central, Newark Penn Station and the Passaic River.
Developed by J&L Companies – a Family-owned Real Estate firm based in New Jersey – this project aims to appeal to young professionals by offering a high-quality but affordable product featuring a wide range of amenities such as a rooftop garden and entertainment area, outdoor courtyard, state of the art fitness center and a business lounge with communal and private working space. In addition, this building – expected to be completed by April 2023 – will also feature more than 3,000 square feet of retail space and a parking garage with room for nearly 200 vehicles.
Monica Vazquez, ABANCA USA´s General Manager, clarifies that their involvement in this deal is a testament to ABANCA USA´s ability to do top real estate transactions while maintaining a sustainable business model.
“Not only has it has been an absolute pleasure to work with Lopez y Gabriel Lopez from J&L, one of best developers in the business, but we are delighted that this project contributes to the revitalization of Downtown Newark making it a thriving neighborhood for residents and business alike,” Vazquez clarified.

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RENO, NV – Canyon Partners Real Estate announced its joint venture with GMH Communities and CRG for the ground-up development of a 755-bed student housing project located at the University of Nevada, Reno (“UNR”). Canyon is investing $36.2 million of equity in this development, which is located in a Qualified Opportunity Zone. The project will commence construction immediately and is expected to achieve completion in time for the start of the 2023 school year. The joint venture also simultaneously closed on a $75.2 million senior construction loan from Citizens and Nevada State Bank.
The project is located at the intersection of North Virginia Street and 15th Street, directly across from UNR’s main entrance at the center of campus. The 12-tale development will be the first high-rise student housing development in the Reno area, offering expansive views of campus, downtown Reno and the Truckee Meadows and its surrounding mountain ranges. The project is plotting to obtain a LEED Silver certification and will include a combination of floor plot options, from one- to five-bedrooms, as well as numerous student-focused amenities.
“Academy at Reno fits in seamlessly with GMH’s growing portfolio of first-class student living communities that are designed with students’ unique lifestyles in mind,” says Steve Behrle, Executive Vice President of Development with GMH Communities. “We’re proud to partner with Canyon and CRG as we start development on this exciting high-rise that will soon provide students at The University of Nevada, Reno with the perfect home-away-from-home while they focus on their academic endeavors.”
“We’re thrilled to team with both Canyon and GMH, one of the original pioneers of student housing, to bring this best-in-class property to the students of University of Nevada, Reno,” said J.J. Smith, CRG’s Managing Partner and Residential Group Leader. “I’ve long respected the GMH and Canyon teams, and given that CRG has considerable experience in this market, this partnership was a logical one. As the market’s first high-rise, Academy at Reno will stand out from its competitors with an unmatched amenity package featuring floor-to-ceiling windows and commanding views of the mountains and campus.”

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CARY, NC – Wood Partners, a national leader in multifamily real estate development, announced the grand opening of Alta Wren, the latest luxury property located in Cary, NC, where residents can find a small slice of tranquility within the Research Triangle.
Located five minutes from Research Triangle Park and minutes from some of the best public schools in the region, Alta Wren sits at 3000 Orchid Street, nestled next to 8 acres of preserved open space. The property offers 250 multifamily residences with floorplans ranging from one-, two- and three-bedroom apartment homes, to two-and three- bedroom townhome-style residences.
“The opening of Alta Wren marks a fantastic expansion milestone for Wood Partners, building upon our strong, established presence in the region,” said Caitlin Shelby, Managing Director for Wood Partners. “We take fantastic pride in developing in a location that has seen such massive economic expansion, and we’re confident that Alta Wren will attract residents seeking a more sophisticated living experience.”
Each residence is inspired by the warmth of a southern greenhouse with a contemporary flare. Residents will find features such as hardwood-style plank flooring throughout, quartz countertops and stainless-steel appliances framed around white tile backsplashes and gorgeous brushed nickel hardware. For convenience, each unit is equipped with a full-size washer and dryer, USB outlets and a side-by-side refrigerator with an in-door beverage center. Townhome-style residences, which are set to open for leasing later this year, are equipped with similar finishes with the addition of attached garages.
Alta Wren offers a sanctuary where luxury apartment living intertwines with a state-of-the-art amenities package, tailored specifically for those who are seeking to unwind. It features a saltwater pool with poolside cabanas, adjacent to a greenhouse-inspired clubhouse complete with a self-service automated barista with complimentary coffee and wine on tap. For residents who are looking for an alternative to the 24/7 fitness club, look no further than the large outdoor recreation areas and green space surrounding the property. Additional outdoor amenities include a community fire pit, outdoor grilling area and playground.
Wood Partners prides itself in offering pet-friendly accommodations across its property portfolio, and Alta Wren is no exception. The property features a pet spa, where furry friends can freshen up after running their hearts out in the leash-free dog park.

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