NEWARK, N.J. — Co-developers LMXD and MCI Collective have received $120 million in construction financing for Museum Parc, a 250-unit mixed-income, mixed-use development located in downtown Newark. Merchants Capital arranged the financing, which consists of a $58 million Freddie Mac nine percent low-income housing tax credit forward permanent loan and a $62 million construction loan from Merchants Bank.
Museum Parc will consist of a six-story building and a 12-story structure. Twenty percent of the residences at Museum Parc will be income-restricted. Forty-five units will be reserved for households earning at or below 50 percent of the area median income (AMI). The remaining five will be reserved for households earning 30 percent of AMI.
Residents will have access to shared amenities including a fitness center, coworking space, lobby, bicycle room, game room, lounge with speakeasy, 3,000-square-foot roof terrace, garden room and commercial kitchen area. The property will also feature the 4,120 square-foot Newark Museum of Art gallery, as well as roughly 2,300 square feet of ground-floor retail space, serving as an anchor to the Newark Arts & Education District.