Revitalization project makes space for schools and teachers

November 2017 │ Newark

Deutsche Bank’s Community Development Finance Group (CDFG) provided construction financing for Teachers Village, a catalytic mixed-use revitalization project which brings much needed affordable housing and retail/commercial space to downtown Newark.

The 150 million dollar project, completed in September 2017, transforms several former parking lots into a new sustainable neighborhood featuring 110,000 square feet of education space for three charter schools and a daycare center, 65,000 square feet of retail space, and 204 units of rental housing targeted for teachers, students and other professionals.

Deutsche Bank provided credit support and enabled the development of the final phase of the project which includes 10,000 square feet of commercial/retail and community space and 81 apartments; 20% of the apartments are restricted to low income households earning 50% or below the area median income. Deutsche Bank’s 15.05 million dollar financing, participated with Prudential, includes two senior construction loans and one loan used to leverage New Markets Tax Credit (NMTC) equity for the project.

Newark Mayor Ras Baraka and New Jersey Senator Cory Booker at the ribbon cutting

Newark Mayor Ras Baraka and New Jersey Senator Cory Booker at the ribbon cutting

Newark Mayor Ras Baraka and New Jersey Senator Cory Booker at the ribbon cutting


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Last Update: December 22, 2017
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