10 Commerce Ct
About the project
The Hanini Group is an award-winning real estate firm with more than 15 years of experience developing and managing high caliber loft-style residential, retail, commercial and corporate properties. With more than $600 million of transaction experience, the firm is especially known for its successful track record in taking historic properties and restoring them to their former glory. Hanini Group prides itself in being one of the leading firms in driving the social and economic redevelopment of Newark, NJ.
Shift Capital was founded in 2012 with a mission to employ socially conscious real estate redevelopment as a tool to revitalize communities and reward investors. Shift owns and manages over 2 million square feet of real estate, including commercial, residential, mixed-use, and vacant land, and it has invested over $220 million in the neighborhoods we serve to create ecosystems that strengthen entrepreneurship, creativity, and value for tenants and communities.
“Our work at 10 Commerce is about our continued commitment to Newark: to preserve Newark's history and culture. To contribute to the revitalization of its urban landscape. And to provide quality and affordable housing for a diversity of households."
- Samer Hanini, Managing Partner, Hanini Group
This is SHIFT and Hanini Group’s second project together in Newark where their stated goal is to accelerate job creation, improve health and safety, and offer quality housing through thoughtful development that helps catalyze shared prosperity.
The Hanini Group is headquartered in Newark, NJ, and Shift Capital is headquartered in Philadelphia, PA.
LISC provided an $8 million construction loan to support the conversion of a 12-story vacant office building into a mixed-use, mixed-income housing project in downtown Newark.
Partner:
Shift Capital, LLC
The Hanini Group
Location:
Newark, NJ
Total Investment:
$8.0 million
Results:
110 units
Project Category:
Affordable Housing
Product:
Construction loan
Website:
UN SDGs:
