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07/19/2018

Lofts at Lincoln Park Center Opens With Funding From Savoy's CDFI Program

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By Elana Knopp

Newark Mayor Ras Baraka joined Mid Atlantic Alliance LLC executives Thursday to cut the ribbon on the Lofts at Lincoln Park in the city’s East Ward. The 55,000-square foot, four-story building was developed by Mid-Atlantic and built by local MBE contractor Homeworks Construction and Maintenance. Both the developer and the contractor are MBEs (Minority and Black-owned Enterprises).

More than 90 percent of the residences are currently under contract. “This is another exciting moment in our efforts to build a stronger and more prosperous Newark,” Baraka said.

“It brings more and more economic power to our city, enhances our luster as a destination to live, work and play and inspires other developers to join in the transformation of Newark.”

The $7 million development project was funded in part by a $3.6 million loan from Savoy Bank, $600,000 from Motor Vehicle Tax Funding and $300,000 from Newark’s Economic and Housing Development Corporation Funding, with the balance made up by additional redevelopment grants and the developers’ equity.

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