$10M Rehab At Newark Building Includes 200 Affordable Units

NEWARK, NJ — A $10 million rehab recently took place at the apartment building formerly known as St. James Towers in Newark, adding 200 affordable housing units to the city.

Last month, BRP Companies, St. James A.M.E. Development Corp. and other stakeholders celebrated the $10 million modernization of 440 Washington Street. Originally built in the early 1970’s, the building now has new kitchens and bathrooms in all apartments, a completely redesigned lobby, substantial elevator repairs, roof and window replacements and several “high-quality amenities,” according to developers.

For more information about potential vacancies, contact (973) 643-3128 or 440washingtonstreet@winnco.com.

“As the Central Ward moves forward with new residential development, it's extremely important that we are ensuring quality living conditions for our residents,” Newark Councilwoman LaMonica McIver said.

“The newly rehabilitated 440 Washington Street exemplifies new hope and beginnings for Newark residents and the community,” McIver said.

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The multi-million rehab at 440 Washington Street was a long time coming. The building was in “financial and physical distress” when plans first came together, developers said.

According to BRP Companies:

“BRP led the ownership and financial restructuring at 440 Washington Street in November 2017, which included a new rental assistance contract with HUD and an assignment of an existing rental assistance contract with the Newark Housing Authority, as well as a new tax agreement with the City of Newark and new financing from the New Jersey Housing and Mortgage Financing Agency.”

Shortly afterwards, BRP launched the building’s renovation project, which has resulted in:

• Roof replacement
• New windows and storefronts
• A redesigned entrance, lobby, and mail room
• An upgraded management office, community room, and computer room
• A new gym for resident use
• New kitchens, bathrooms and baseboard heating in all units
• Accessibility upgrades
• Elevator repairs

According to developers, financing for the project consisted of a private-placement tax-exempt bond structure between Citibank and the New Jersey Housing and Mortgage Finance Agency (NJHMFA), a conversion of a U.S. Department of Housing and Urban Development (HUD) interest reduction payment stream to an up-front loan, a 4% federal LIHTC allocation with Goldman Sachs as the investor, a new project based rental assistance (PBRA) contract from HUD and an assigned HAP contract from the Newark Housing Authority.

“BRP Companies shares our primary goal of not only changing the lives of its residents, but benefitting the overall communities and cities we chose to develop in,” said Andrew Mackey III, Board President at St. James A.M.E. Development Corporation.

“Today marks the conclusion of a long journey that we as a board had envisioned when we partnered with BRP, with the introduction of the highly-anticipated new 440 Washington Street that marks a new chapter for its residents and the larger Newark community,” Mackey said.

“Access to quality, affordable housing is a necessity in today’s market, and we’re happy to reintroduce an improved 440 Washington Street to its residents and the greater Newark community as we extend our footprint into the Garden State,” said Meredith Marshall, co-founder of BRP Companies.

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