City of Newark – Makers Village Project
McManimon, Scotland & Baumann, LLC represented developer RBH Group, and its affiliates, in financing the first two phases of the Makers Village Project in Newark, NJ. The project finances the global headquarters and growing space for Aerofarms, an environmentally responsible vertical farming company. The facility will be the world’s largest indoor vertical farm based on annual growing capacity. The two completed financings financed the acquisition of equipment, substantial rehabilitation, fit-out and unique improvements to the industrial facility to house Aerofarm’s operating business.
Both financing phases utilized New Markets Tax Credits (“NMTC”), with large financial institutions providing both leverage lending and equity. Phase II included closing simultaneously on an equipment NMTC loan and a real estate NMTC loan to separate QALICB entities. Other subsidies for the project include tax credits under the Economic Redevelopment and Growth Grants Program and the Grown New Jersey Assistance Program.
For more information on this project, please contact Leah Sandbank, Member, at (973) 622-1800.