L+M Development secures $20M in financing for Newark housing

Larchmont, New York-based L+M Development Partners received $20 million in financing for 270 units of Section 8 housing near Weequahic Park in Newark, Real Estate Weekly reported. The outlet noted that the developer and Prudential Financial struck a deal that will enable the extension of the Section 8 contract for Zion Towers at 515 Elizabeth Avenue. Resources from the New Jersey Housing and Mortgage Financing Agency, City Community Capital and Wells Fargo were also granted to the developer. According to TAPinto, the New Jersey Department of Community Affairs agreed to extend the Section 8 contract for the rental complex for 20 years. The refinancing will enable the developer to carry out $20 million in renovations at the complex, which L+M acquired in 2017. L+M said the loan will help finance new kitchens and bathrooms for every unit, renovations to the lobby, community room, roof repairs, new windows and elevator and air systems upgrades. L+M and Prudential Financial also partnered with Collaborative Support Programs of New Jersey to provide support services for 12 one-bedroom units slated for mental health and special needs residents. TAPinto noted that L+M bought the property for $28 million in 2017 from a limited liability company associated with Newark-based Radiant Property Management. L+M recently celebrated the opening of the Walker Building, its 264-unit, mixed-income project at 540 Broad Street in Newark. [REW]