Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Loan Agreement
Purpose: Construction of twenty four Emerging Market Condominium units
Entity Name: Mid-Atlantic Investment Alliance, LLC
Entity Address: 11 Florence Place, West Orange, New Jersey 07052
Grant Amount: $300,000.00
Funding Source: Newark Economic Development Corporation
Contract Period: April 1, 2012 through December 31, 2014
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property: (If applicable)
(Address/Block/Lot/Ward)
31 Brunswick Street (aka Block 2826, Lot 37), East Ward
33 Brunswick Street, (aka Block 2826, Lot 38), East Ward
27 Brunswick Street (aka Block 2826, Lot 35), East Ward
90-96 Clinton Avenue (aka Block 2826, Lot 3), East Ward
29 Brunswick Street (aka Block 2826, Lot 36), East Ward
N/A
Body
WHEREAS, Mid-Atlantic Investment Alliance, LLC (the “Entity”), having its principal place of business at 11 Florence Place, West Orange, New Jersey 07052, intends to develop and construct a project known as the Lofts at Lincoln Park (the “Project”) on certain parcels of real property located at 31 Brunswick Street (aka Block 2826, Lot 37), 33 Brunswick Street, (aka Block 2826, Lot 38), 27 Brunswick Street (aka Block 2826, Lot 35), 90-96 Clinton Avenue (aka Block 2826, Lot 3), and 29 Brunswick Street (aka Block 2826, Lot 36) in the (E.W- East Ward). The project will consist of twenty-four (24) for sale “Emerging Market” Condominium Units; and
WHEREAS, the entity has applied for funding for the Project from the New Jersey Housing and Mortgage Finance Agency under its Choices in Home Ownership Incentives Created for Everyone (CHOICE) Program; and
WHEREAS, the Entity has applied to the City for a forgiv...
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