Merchants Capital arranged $120 million in financing for the construction of Museum Parc, a 250-unit mixed-income, mixed-use and retail development in downtown Newark, NJ. Co-developed by LMXD and MCI Collective, the project will integrate housing units with the 4,120 square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space, serving as an anchor to the Newark Arts & Education District.
Merchants Capital secured $58 million via a Freddie Mac 9% Low-Income Housing Tax Credit Forward permanent loan, and a $62-million construction loan from Merchants Bank for Museum Parc.
“This deal represents Merchants’ streamlined internal collaboration, and we are proud of the efficiency demonstrated across the organization to arrange key components in the capital stack,” said Michael Milazzo, SVP of originations at Merchants Capital. “Likewise, Museum Parc is a unique concept, representing the innovative ways our partners are providing affordable housing solutions nationwide. We look forward to witnessing its impact in Newark.”
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