IDB Bank Refinances $30 Million Loan to Benefit The Art of Newark

The Recent Deal Signals the Bank's Ongoing Support for the Full-Service Amenity Building. 

NEW YORK, Feb. 27, 2025 /PRNewswire/ -- IDB Bank ("IDB"), a New York-based private and commercial bank, has successfully refinanced a $30 million fixed-rate loan with a three-year term for The Art of Newark, a recently completed 155-unit residential building located at 44 Irvine Turner Boulevard in Newark, New Jersey.

The recent refinancing was led by IDB's Avi Lieberman, Head of New York Commercial Real Estate, and Ryan Shay, Associate Relationship Manager, and signals the Bank's continued support for the Art of Newark. The deal was additionally arranged by Greystone Capital Advisors' Drew Fletcher and Bryan Grover.

"We are pleased to continue our important relationships with both Tay Investments and The Art of Newark," said Avi Lieberman, Head of New York Commercial Real Estate for IDB Bank. "Our recent refinancing speaks strongly of our continued support for this state-of-the-art development, which serves as an important milestone in Newark's ongoing revitalization." 

This upscale, modern apartment complex in Newark's University Heights neighborhood has been fully leased just months after its debut, underscoring the city's strong demand for high-quality housing. Developed by Tay Investments, The Art of Newark combines contemporary architectural design with affordability, including 20 designated affordable units, representing a vital step in addressing Newark's housing needs.

"We are thrilled to mark this important milestone, signifying the successful completion and full stabilization of one of the biggest and most exciting new projects in the heart of Newark," said Yuval Shram, President and CEO of Tay Investments. "This is a true testament to Newark's commitment to the community's growth. I'd like to extend our gratitude to IDB Bank, our financial partner, for sharing our dreams and goals. I'd like to additionally thank all our partners, colleagues, and everyone who contributed to making this project a success."

Tay Investments, founded and led by Shram, has established itself as one of the most active and up-and-coming developers in the area. Since its inception in 2010, the company has focused on revitalizing urban communities through the development of high-quality, attainable housing. Tay specializes in Class A build-to-rent, garden-style, and mid-rise multifamily residential buildings, strategically located near major transportation hubs. To date, the firm has delivered 22 projects, comprising over 1,200 residential units and 300,000 square feet of office space. With an active pipeline of new developments, Tay continues to combine thoughtful, modern design with impactful investments that enhance the communities it serves.

About Israel Discount Bank of New York ("IDBNY" or "IDB Bank")

IDB Bank is a New York State-chartered commercial bank, a member of the FDIC, and a wholly owned subsidiary of Israel Discount Bank LTD., one of Israel's leading Banks. In addition to its Manhattan headquarters, IDB Bank operates full-service offices in California, Florida and the tristate area, including branch locations in Brooklyn, N.Y, Staten Island, N.Y and Short Hills, N.J. The Bank provides a complete range of private banking and commercial banking services to U.S and international clients.

For more than 75 years, IDB Bank has built its business by fostering deep relationships with its clients, rapid decision-making, and the ability to develop custom-tailored solutions for both its domestic and international clientele.

SOURCE IDB Bank