The roughly $200 million structured capitalization supports Homestead Gateway, a 34-story high-rise that will bring new affordable units to the neighborhood, according to a JLL news release.
The project, led by Lions Group, includes a forward commitment from Freddie Mac and a capital solution provided by the Urban Investment Group at Goldman Sachs Alternatives. JLL said the financing combines a construction loan, bridge facility, LIHTC equity and Aspire tax credit purchase.
The tower will rise at 701 Newark Ave. and deliver 360 residential units, including 90 affordable apartments, JLL said. Developers plan to transform a former municipal parking lot into a residential community with open space and direct connections to Homestead Place Plaza and the Journal Square PATH Station…