The ongoing real estate revitalization of Newark’s University Heights neighborhood has taken a major step forward. Jackson-based commercial mortgage brokerage Drew Capital announced Wednesday that it has successfully secured $16.25 million in construction financing for the development of Central Pointe, a brand-new, six-story multifamily property.
The $16.25 million loan was arranged directly by Akiva Drew, founder of Drew Capital, on behalf of the borrowers, Jeff Blau and Eitan Chakov of Newark-based Giga Holdings. Financing was sourced through Trevian Capital, a prominent private real estate lender based in New York.
Located at 380 Central Avenue—perched strategically between First Street and Morris Avenue—the planned 101,950-square-foot structure will sit in immediate proximity to major regional anchors, including the New Jersey Institute of Technology (NJIT) and University Hospital.
The building, designed by the innovative team at INOA Architecture, will yield a net rentable area of roughly 77,000 square feet. Ground up construction is moving forward immediately, with official completion scheduled for the summer of 2027.
To cater to the dense student, medical, and professional workforce populations in downtown Newark, Central Pointe will offer a highly diverse mix of floor plans alongside a dedicated affordable housing component.
The building’s layout and residential allocations include:
- 77 Total Units: Broken down into 6 studios, 29 one-bedroom apartments, and 42 spacious two-bedroom units.
- Affordable Housing: 16 of the total units will be legally designated as affordable housing, meeting critical municipal requirements and community needs.
- Premium Amenities: Residents will have access to a state-of-the-art fitness center, modern co-working lounges tailored for remote workers and students, private balconies, communal recreational spaces, and a landscaped rooftop garden.
“Central Pointe is contributing to the revitalization of downtown Newark,” Akiva Drew said. “Drew Capital is proud to work with the ownership team in helping to bring economic growth back to a previously underutilized corridor.”
