Wakefern Food's New Distribution Facility to Create 120 Jobs in Newark, NJ
08/08/2011
Founded in 1947, Wakefern is the largest retailer-owned cooperative group of supermarkets in the United States. The Keasbey, NJ-based company operates more than 2.5 million square feet of grocery and non-food warehousing.
NJ's State Economic Development Agency provided approval for Urban Transit Hub Credit in the amount of $45 million on a $65 million capital expenditure project. TD Bank gave a leverage loan under new market tax credit structure for about $27 million. Other transaction players include the Re-Investment Fund (provided new markets tax credits and a predevelopment loan of $2 million), Consortium America (provided new markets tax credits), and Brick City Development Corporation (provided technical assistance as well as tax abatement).
"This project was driven by a group of development partners and City and BCDC professionals working together to turn denizens of doubt into heroes of hope," said Newark's Mayor Corey Booker.
This project joins the increasingly large roster of new developments taking place in Newark's "groundbreaking year," he added. "[We'll see] over $700 million in new development, the construction of over 2 million square feet of new or renovated space, and the creation of over 2,500 construction jobs and over 2,500 permanent jobs."
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