Construction on the Annex is expected to be completed in April. Construction on the Annex isexpected to be completed in April.

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KEARNY, NJ—New York City-based Hugo Neu Group has secured atotal of $14.5 million in New Market Tax Credit loans from CapitalOne for its the Annex project at Kearny Point here.

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The NMTC loans included a $4-million allocation from the CapitalOne Community Renewal Fund and a $10.5-million allocation from NewJersey Community Capital, which also provided Hugo Neu with a$2.5-million term loan.

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The three loans will fund the construction and rehabilitation ofThe Annex, which is the third structure to be transformed as partof Hugo Neu's multi-phase $1-billionredevelopment of the former circa WWI/WWII shipyardknown as Kearny Point. Construction on the Annex is expected to becompleted this April.

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"We're incredibly excited by the opportunity to bring a flexoffice environment like The Annex to Kearny Point's alreadythriving community of innovative and forward-thinking companies,"says Michael Meyer, director of development for Hugo Neu. "Lenderslike Capital One and New Jersey Community Capital not only makeprojects like this possible, but remain critical to the continuedrealization of our vision at Kearny Point: to provide opportunitiesto businesses of all shapes and sizes, and to become a model forenvironmentally and socially conscious redevelopment."

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The 90,000-square-foot Annex will feature two floors ofstate-of-the-art creative office space, modern amenities andbreak-out areas in a naturally lit crane-way. The Annex adjoinsBuilding 78, the first building to be renovated at the campus,which is home to more than 200 businesses at the heart of KearnyPoint's community of creators, clean-tech disruptors and smallbusinesses.

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The Annex's office space caters to small businesses, start-upand entrepreneurial companies, including many minority- orwomen-owned businesses and non-profit organizations. The space alsotargets businesses working to develop and commercializetechnologies and services advancing energy conservation,alternative energy, resiliency, stormwater management, preservationand restoration of natural resources.

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Hugo Neu has also created a Qualified Opportunity Zone (QOZ)Fund, HNG Opportunity Fund LLC, and invested a total of more than$10 million into the fund for capital expenses associated with TheAnnex.

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Since its opening in 2016, Kearny Point has emerged as abusiness hub for companies spearheading a variety of environmentaland cleantech innovations, including Bowery Farms, Ciel Power,Oishii Berry and Sembient.

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During World War I and II, Kearny Point was one of the world'smost prolific shipyards when it operated as the FederalShipbuilding and Dry Dock Company, where as many as 30,000 workedeach day. Hugo Neu is transforming the 130-acre industrial complexinto a new mixed-use waterfront destination.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.