Highland Views Phase 2 Advances Affordable Senior Housing in Newark
The next chapter of the Highland Views project in Newark is officially underway. Phase 2 of this 94‑unit affordable housing development for low-income seniors builds on the success of Phase 1 and marks the final financing stage for the site.
Phase 2 will continue transforming long-vacant land into safe, fully accessible homes, including units for formerly unhoused residents. On-site social services will be provided by Catholic Charities, ensuring residents have access to the support they need to thrive.
MS&B, led by Bakari G. Lee and supported by Bernadette Chillemi, Sarah Elgalad, and Jennifer Harrison, played a key role in structuring the complex, multi-layered financing and navigating the regulatory requirements that make projects like Highland Views possible. Funding for Phase 2 includes a long-term loan from the New Jersey Housing and Mortgage Finance Agency, additional NJHMFA program support, 9% low-income housing tax credits generating $12.4 million in equity through PNC Bank, a construction loan from Citizens Bank, and a deferred developer fee.
Highland Views Phase 2 represents another meaningful step toward addressing Newark’s housing needs. This project is turning underused spaces into homes, stability, and opportunity for the City’s most vulnerable residents.