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energy as a business owner “focused on transforming and empowering disadvantaged communities.*” “915 Broad Street represents the continuation of Newark’s ongoing renaissance and revitalization,” said Adenah. “It reflects the goal I bring to every project, which is to deliver accessible and high- quality housing and hospitality services to communities that have been often overlooked. We wanted to ensure that this building was thoughtfully designed and built by qualified businesses local to Newark with backgrounds that reflect the community.” Adenah now owns and operates several individual IHOP franchises in New Jersey, as well as a real estate development portfolio that includes various residential and commercial urban redevelopments. Most recently, Adenah opened her own signature fast casual, farm-to-table, soul food restaurant, Cornbread, alongside co-founder, Elzadie “Zadie” B. Smith. Their third and
latest location at 915 Broad Street launched on February 24th.
we can connect individuals within affordable housing communities to employment, healthcare and education opportunities, it is a success. But the personal connection and influence that 915 Broad Street offers through Adenah is all the greater because of her.” While becoming one of the most successful entrepreneurs in New Jersey, as well as the second largest employer in the Township of Irvington, New Jersey, Adenah is also a mother of two young children. Learn more about Adenah here. In addition to LIHTC equity provided through Sterling National Bank, 915 Broad Street was financed with an additional $17.2MM construction loan from Sterling Bank, a $11.8MM Freddie Mac perm loan from Capital One, and a $2.5MM developer loan.
Adenah adds, “In regard to IHOP and Cornbread, for me the hospitality industry is about people, which is why customer service and investing in the staff and community that we serve are guiding principles at all of my restaurants. I am grateful to the people of the community for welcoming us and embracing and supporting this project.” Through her investments within the communities where she does business, Adenah has been able to serve individuals and families looking for affordable living, places to enjoy good food and connection with family and friends, and employment opportunities where people are valued, all while empowering women and individuals of color. “Adenah doesn’t simply embody ‘The American Dream’ – she has redefined it,” said Neala Martin, SVP, Acquisitions at CREA. “When
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