Drew Capital secures $16.25 million in construction financing for 77-unit multifamily in Newark

Newark, NJ Drew Capital secured $16.25 million in construction financing toward the development of Central Pointe, a 77-unit multifamily property in the University Heights neighborhood.

The loan was arranged by Akiva Drew, founder of Drew Capital.

The six-story structure will be located at 380 Central Ave. between First St. and Morris Ave. It will stand in close proximity to the New Jersey Institute of Technology and University Hospital. The building is scheduled for completion in the summer of 2027.

The 77 residential units represent six studio apartments, 29 one-bedroom units. and 42 two-bedroom spaces. Sixteen units will be designated as affordable. The property’s gross size is 101,950 s/f, with a net rentable area of 77,000 s/f.

Central Pointe will offer residents a fitness center, co-working lounges, communal spaces, private balconies, and a rooftop garden. The building was designed by INOA Architecture.

The borrowers were Jeff Blau and Eitan Chakov of Giga Holdings. Drew Capital arranged the loan through Trevian Capital, a New York-based provider of commercial real estate financing.

“Central Pointe is contributing to the revitalization of downtown Newark,” said Drew. “Drew Capital is proud to work with the ownership team in helping to bring economic growth back to a previously underutilized corridor.”

Drew Capital is a full-service commercial mortgage brokerage based in Jackson, NJ.