L+M Development Partners Inc. and Prudential Financial Inc. secured more than $100 million in financing to redevelop the old New Jersey Bell headquarters building in Newark, N.J., The Wall Street Journal reported.
The developers plan to convert the 20-story art deco landmark into a 263-unit mixed-use tower with market-rate affordable units along with office and retail space.
Citi Community Capital is providing a $71 million construction loan and $14 million through historic tax credits, while Goldman Sachs Urban Investment Group is providing $13.5 million through various tax-credit programs, according to the Oct. 17 report.
The 1929-built property was acquired in 2016 from Verizon Communications Inc. The redevelopment will provide roughly 80,000 square feet of office space in addition to ground-floor retail space.
The partners intend to revitalize the city's downtown area with a residential element, the report noted, citing Ommeed Sathe, vice president and head of impact investments at Prudential.
City and state leaders are pitching Newark for Amazon's second headquarters with up to $7 billion in tax incentives.