City of Newark – Teachers Village
MSB represented RBH Group, and its affiliates, in the third and final phase of the multifaceted and complex financing of the Teachers Village Project at Four Corners in the City of Newark, New Jersey (the “Project”), which was awarded the New Jersey Future’s 2013 Smart Growth Award.
The Project is a mixed-use development consisting of the construction of eight separate buildings and shared parking lot areas to provide 205 units of residential workforce housing, three charter schools, one pre-school/day care (together serving approximately 950 students), and approximately 63,000 square feet of rentable retail space, as part of the redevelopment of downtown Newark. MSB was central to structuring the financing of the Teachers Village Project, which financing consisted of New Markets Tax Credit leveraging public financing including Qualified School Construction Bonds, Redevelopment Area Bonds, and Urban Transit Hub Tax Credits. MSB was able to assist the developer in taking advantage of the various financial tools available to public and private entities in redevelopment areas due to the firm’s extensive background in public finance and tax. Additionally, we assisted the developer in various real estate and land use aspects of the Project, including transfers, easements, consolidating the properties, perfecting various subdivisions, and in this final phase, creating a condominium form of ownership. MSB also formed all special purpose entities required by the various lenders as well as assisted the developer in monetizing its Urban Transit Hub Tax Credits, the first securitized Urban Transit Hub Tax Credit deal in the State of New Jersey.
For more information on this project, please contact Glenn Scotland, Member, at (973) 622-1800.