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JERSEY CITY, NJ-The Lefrak Organization has obtained financing totaling $54 million for two properties within the company’s Newport community on this city waterfront. Arranged by Avi Weinstock of Meridian Capital Group’s New York City office through Independence Community Bank, the funding carries a negotiated rate of 5.75% over a 15-year term.

The financing is secured by an apartment building and an office property. The Pacific at Newport is a 29-story multifamily property with a total of 336 units, located at 25 River Rd. The Pacific tower opened in the fall of 2002 and is part of Newport’s 4,000-unit residential component.

The office building covered as part of the financing package is Newport Office Center VIII, located at 100 Pavonia Ave. Major tenant of the 90,000-sf, six-story class A building is the University of Phoenix, the country’s largest accredited online institution, which occupies 23,000 sf for its New Jersey headquarters.

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