BAW Development has closed on the $94 million financing for its redevelopment of the historic Hinchliffe Stadium project in Paterson, it announced recently.
The financing for the Hinchliffe Stadium Neighborhood Restoration Project, which includes the athletic facility, a restaurant, senior housing and more, comes from a combination of private loans, tax credits and other vehicles, BAW said in a news release. That includes a $60 million construction loan from Goldman Sachs, $10 million in tax credits from U.S. Bancorp Community Development Corp. and $21 million in tax credits from four Community Development Entities.
Read more from ROI-NJ on Hinchliffe Stadium:
- Historic Hinchliffe Stadium to be revitalized thanks to ERG award
- Urban redevelopment done right: How to spark revitalization while honoring cultural history (Op-Ed)
- Honoring the past, rebuilding the future: $94M Hinchcliffe project breaks ground
“When it comes to a project of this nature, there’s no question that it takes a strong team to put all the pieces in place, and we are extremely thankful for the diverse group of financial partners that came together to fund the reimagination of this historic site,” Baye Adofo-Wilson, founder of BAW, said in a prepared statement. “Given the challenges of the last year, pushing this long-awaited infrastructure project forward required a highly complex, creative financing structure from all parties. The successful closings are a testament to our partners’ belief in the vision for the future of not only Hinchliffe Stadium, but the broader impact it will have for the entire city of Paterson.”
Financing was managed by BAW’s partner on the project, RPM Development Group.
“The Hinchliffe Stadium Neighborhood Restoration Project is a unique project that required a remarkably creative financing strategy,” Joe Portelli of RPM said in a statement. “We had to reach deep into the community development toolbox. The way that our 10 partners — four public entities and six private institutions — were able to work with us to navigate various regulations, program rules and approval timeframes to execute this financing was impressive.”
The project broke ground in mid-April, with construction expected to last about 18 months and completion slated in fall 2022. BAW said the project will create approximately 94 temporary construction jobs, with the completed development creating about seven full-time and 30 part-time permanent jobs.