### Merchants Capital Secures $120M Financing for Newark Mixed-Use Development
Merchants Capital has arranged $120 million in financing for the construction of Museum Parc, a 250-unit mixed-income, mixed-use development in downtown Newark, NJ. Co-developed by LMXD and MCI Collective, the project will combine residential units with a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. It will serve as a key component of the Newark Arts & Education District.
The financing package includes $58 million secured through a Freddie Mac 9% Low-Income Housing Tax Credit Forward permanent loan and a $62 million construction loan from Merchants Bank.
“This deal represents Merchants’ streamlined internal collaboration, and we are proud of the efficiency demonstrated across the organization to arrange key components in the capital stack,” said Michael Milazzo, SVP of originations at Merchants Capital. “Likewise, Museum Parc is a unique concept, representing the innovative ways our partners are providing affordable housing solutions nationwide. We look forward to witnessing its impact in Newark.”
