NMTC financing will power reimagination of historic former Negro League baseball stadium in Paterson, N.J.
The financing also includes $21 million of NMTC allocation from four Community Development Entities: Community Loan Fund of New Jersey, Consortium America, RBC Community Development and USBCDE.
The financing will enable the ongoing redevelopment of the stadium, which officially broke ground in mid-April. The construction process is expected to last approximately 18 months, with delivery expected in the fall of 2022. The $94-million development plan will restore the former home of the Negro Leagues baseball and also feature a 315-space parking garage and a six-story, 75-unit senior housing.