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Newark Synergy

Newark Synergy

Type

Commercial/Office

Location

Newark, NJ

Est. Project Cost

$2.0 million

Size

4,000 SF/ 11 Parking Spots

Public Financing

N/A

Sponsor

Monge Capital

Private Financing

Debt

Closing Date

2018

Opportunity Zone, Office Rehabilitation

Newark Synergy is a $2 million adaptive reuse project that transformed a vacant building into 4,000 square feet of collaborative office space. The site now hosts Monge Capital’s headquarters and a cohort of minority- and women-owned business enterprises. The initiative supports Newark’s downtown revival by fostering inclusive entrepreneurship and local job creation. Monge Capital acted as project full service developer and financier.

Estimated Economic and Social Impact

20 jobs and 20 construction jobs.

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