Arbor funds $53M refi’ on gated NJ community

by

Brad Domenico of Progress
Capital secured $53,000,000 in refinancing for Airaj and Ibrahim Hasan,
of Blackstone 360, owner/developer of LOTUS 315 – an 8-story, Class-A luxury
mixed-use building located at 315 South Harrison Street.

Arbor Commercial Mortgage provided three-years
interest only financing on a non-recourse basis.

The
property was built in 2019 by Newark-based real estate development firm
Blackstone 360 (B360), who owns and operates the gated complex.  LOTUS 315 features a sleek, ship-like
structured building with 180 residential units coupled with 33,151 s/f of
ground-floor commercial space.

Its
apartment interiors are outfitted with strand-woven bamboo floors, stainless
steel appliances, Italian-style kitchens and an in-unit washer/dryer.
Additional luxury essentials include gated entry, underground parking, 24-hour
doorman and gorgeous outdoor garden with party lounge, private garden terraces
and a state-of-the-art gym.  The
residence also provides shuttle service to Newark Penn Station, giving commuter
tenants a hassle-free transportation option to the NJ Transit line with service
to NYC.

LOTUS 315 is situated along the corridor of South
Harrison Street at the cross-section of East Orange and South Orange, for easy
access to Seton Hall University and the East Orange VA Hospital.  Major highways including I-280 and Garden
State Parkway are also within close proximity. 

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