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The firm has commenced construction on a 122-unit adaptive reuse multifamily project, and has additionally acquired a 939-unit residential community.

The transactions presented Square Mile an opportunity to partner with well-known New York and New Jersey developers on projects across different asset classes.

Overall, the projects approved by the BPDA will create 1,633 construction jobs, 1,167 direct jobs and 871 indirect and induced jobs.

The new loan bears a fixed interest rate of 3.62% and matures on January 1, 2030, and will replace a $427 million loan, which was repaid at closing.

The acquisition was finalized on Dec. 13 with an effective date of Sunday, Dec. 15. Tower and Drexel University reached an agreement in late September to acquire St. Christopher's Hospital for Children for $50 million in a bankruptcy sale.

The EY team also includes Bauer Latoza Studio (a Minority Business Enterprise), Goodman Williams Group (a Women Business Enterprise), and Mayer Brown, LLP.

Originally built in the early 1970s, 440 Washington Street was in financial and physical distress when New York City-based BRP joined with St. James A.M.E. Development Corp, the City of Newark and the state to stabilize the property and facilitate much-needed upgrades and repairs.

Truist Financial has exercised its option to purchase the nearly 965,000 square-foot tower.