In the past 90 days, Newark has experienced a vibrant commercial lending landscape with a total of 384 closed deals, reflecting the city’s diverse and dynamic real estate market. The average loan amount across these transactions stands at $808,000. Local Newark lenders, national banks, and community banks have emerged as key players, offering financing for various property types, including construction, SBA loans, permanent loans, and rental loans.
The lending market showcases competitive terms, with interest rates ranging from 6% for Debt Fund’s DSCR loans. Construction, Apartments, and General Commercial properties dominate the investment landscape, reflecting a well-distributed lending focus. Notable lenders in Newark include Bank of America, Citizens Bank NA, AD Mortgage, and Flushing Bank, which collectively closed 16 CRE deals with an average loan amount of $1.7 million.
Examining specific deals, the analysis of the table reveals the prevalence of Single Family Residences, Apartments, and General Commercial properties among the closed transactions. The highest loan amount of $12 million was associated with an Industrial property at 798 Frelinghuysen Ave. Additionally, various government and vacant properties were part of the lending activities, contributing to the overall diversity of the Newark commercial real estate market.
In conclusion, Newark’s commercial lending activities reflect a thriving real estate market, supported by a mix of local, national, and community lenders catering to the diverse needs of property investors in the region.
