Construction on the Annex is expected to be completed in April.
KEARNY, NJ—New York City-based Hugo Neu Group has secured a total of $14.5 million in New Market Tax Credit loans from Capital One for its the Annex project at Kearny Point here.
The NMTC loans included a $4-million allocation from the Capital One Community Renewal Fund and a $10.5-million allocation from New Jersey Community Capital, which also provided Hugo Neu with a $2.5-million term loan.
The three loans will fund the construction and rehabilitation of The Annex, which is the third structure to be transformed as part of Hugo Neu's multi-phase $1-billion redevelopment of the former circa WWI/WWII shipyard known as Kearny Point. Construction on the Annex is expected to be completed this April.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
