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

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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