New Markets Tax Credit, Historic Tax Credit, City, NJ Tax Credits
Sponsor
Hanini Group
Private Financing
Debt
Historic Redevelopment and Adaptive Re-use
Hotel Indigo is a $30 million adaptive reuse project that transformed the historic National State Bank building in Newark into a 110-room boutique hotel. Spanning 75,000 square feet, the hotel represents the first major hospitality investment in Newark in over 30 years.
Monge Capital helped structure NMTC and bank financing to catalyze downtown revitalization and create a hospitality anchor in the city.
Estimated Economic and Social Impact
120 jobs and 200 construction jobs. Over 50% local and minority job placement.
