Ellavoz Impact Capital together with YouthBuild Newark secured financing together to fully rehabilitate the YBN building located at 571 Central Avenue, Newark.
The reworked space will enable YBN to consolidate their operations into one facility for LEAD Charter School and its programming. The transaction furthers YBN’s strategic plan of generating additional revenue while also enhancing educational programs.
EIC successfully secured $10.6MM in New Market Tax Credit allocation from Wells Fargo Bank and Community Impact Partners as well as CDFI debt from CIP. The tax credits and debt financing will enable YBN to execute its rehabilitation project.
The immediate and long-term impact of this revitalization includes:
- Enhanced Learning Environment: YouthBuild and LEAD students represent some of Newark’s most marginalized youth. The refurbished facility will enhance student experiences through an improved learning environment more equipped to offer the services, programming, and support that the students need.
- Construction Jobs: 100% of the major construction vendors who will be working on this job are Newark-based and minority-owned.
- Community Revitalization: The improved building will act as a catalyst for revitalization in a low-income neighborhood. The new façade, with new first-floor windows and a main entrance fronting on Central Avenue, will communicate Newark’s commitment to updating and modernizing the area.
Ellavoz Impact Capital is a social impact investor, advisor, asset manager, and real estate developer focused on creating and preserving workforce and affordable housing and other community-oriented real estate properties. EIC’s strategy concentrates investments into price-attainable housing and economic development projects by working with socially aligned operators, local nonprofits, and governmental agencies to deliver positive community outcomes and double bottom line returns.
