Monge Capital Advisors represented The Hip Hop Museum in the closing of a financing transaction to bring to life the world’s first museum and educational institution solely dedicated to the history and culture of Hip Hop. Located in the Bronx, recognized as the birthplace of Hip Hop, the 57,000-square-foot museum anchors the base of Bronx Point, a 530,000-square-foot mixed-use development by L+M Development Partners LLC.
In collaboration with New Jersey Community Capital and Dudley Ventures, Monge Capital structured an $8.5-million New Markets Tax Credit investment, and partnered with Ponce Bank, which provided a $49-million bridge loan commitment backed by federal, state and city capital grants.
“The Hip Hop Museum stands as a dynamic economic and cultural catalyst, honoring one of the most influential movements in modern history,” Monge Capital managing partner Jeff Monge posted on LinkedIn. “Through immersive exhibitions, educational programs and community engagement, it will inspire creativity and empowerment for generations to come.”
