24B — September 29 - October 12, 2017 — 2017 NJ Governor’s Conference on Housing & Economic Development — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


2017 NJ G overnor ’ s C onference on H ousing & E conomic D evelopment Developed by L+M Development Partners Hahne&Co. proj. awinner of theULI’s 2017 JackKemp Excellence in Affordable &Workforce Housing Award T

tigious award. This project exemplifies the best that can be achieved through public- private partnerships,” said New Jersey Department of Community Affairs Commis- sioner Charles A. Richman. “Governor Chris Christie's ad- ministration remains commit- ted to creating high-quality affordable housing opportu- nities for our residents and continuing to find creative ways to leverage public and private resources to reinvest in our communities.” The Hahne &Co. project was one of three winners selected from seven finalists. The two other award recipients are: Mosaic on the Riverway, Bos- ton, MA, and Wildflower Ter- race, Austin, TX. The Hahne & Co. project represents a partnership among L+M Development Partners, NJHMFA, Gold- man Sachs Urban Investment Group, Prudential Financial, Citibank, and the New Jer- seyEconomicDevelopment Authority . The NJHMFA provided $66.8 million in fi- nancing through its Multifam- ily Conduit Bond Program and approved the project for 4 percent federal Low Income Housing Tax Credits, which are expected to generate near- ly $13.2 million over 10 years. Debt financing was provided by Citi Community Capital and Morgan Stanley. “The Hahne & Co. building has played a critical role in the economic revitalization of downtown Newark,” said Rich- man, who also serves as chair- man of the NJHMFA board. “It is a center for retail, new and affordable and workforce hous- ing, jobs and educational op- portunities near transit, and has also spurred additional area redevelopment.” Through the adaptive reuse of the existing four-story build- ing and new construction of an adjacent nine-story structure connected through a shared lobby and public atrium, the property was transformed into a development that today includes: • 160 workforce residential rental units, including 64 af- fordable to households making 60 percent or less than the area median income; • Newark’s first Whole Foods Market; • Barnes & Noble College, a subsidiary of Barnes & Noble Education, Inc. n

RENTON, NJ — The Hahne & Co. devel- opment project has been chosen as a winner of this year’s prestigious Urban Land Institute (ULI) Jack Kemp Excellence in Afford- able and Workforce Housing Award. The award honors exemplary developments that ensure housing affordability for people with a range of in- comes. The Hahne & Co. proj- ect, financed in part by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and developed by

L+M Development Part- ners , rejuvenated a historic landmark, which occupies a pivotal downtown location and has helped invigorate Newark’s revitalization ef- forts. Once a lavish depart- ment store that was headed for potential demolition, today it is a mixed-use, again high- profile building, which has retained many of its historic elements and welcomes resi- dents, shoppers, office work- ers, students and more to its hub location. “We are very pleased to be a recipient of this pres-

The Hahne & Co. project photo credit NJHMFA


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