MCI Collective And Newark Museum Of Art Secure $94 Million Loan For Museum Parc Development

The property asset involved is a development site located at 83 Central Avenue in Newark. The project has secured a loan amount of $94,000,000 for construction. The development plans include a 4,120-square-foot gallery, 250 mixed-income apartments, and 2,300 square feet of retail space, with anticipated completion in 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $94,000,000
• Lender: Merchants Bank & Red Stone Equity
• Landlord: Jake Pine - LMXD
• Landlord: Siree Morris - MCI Collective
• Landlord: Linda Harrison - Newark Museum of Art
• Loan Type: Construction

This transaction involves MCI Collective and the Newark Museum of Art, which are collaborating to develop Museum Parc in Downtown Newark. The project's funding sources include $62 million from Merchants Bank, $58 million in Freddie Mac financing, and $15 million in Low-Income Housing Tax Credits.