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  • Writer's pictureMAREJ

BAW Development announces $94 Million in construction financing for Negro League Stadium project

PATERSON, NJ — BAW Development has closed on the $94 million financing for the redevelopment of the Hinchliffe Stadium Neighborhood Restoration Project (HSNRP), in Paterson, which includes Hinchliffe Stadium, one of just two remaining stadium structures that was home to a Negro League baseball team.

The financing comes via a unique combination of private loans, tax credits and other vehicles, including a $60 million construction loan from Goldman Sachs and $10 million in New Market Tax Credit and Federal Historic Tax Credit equity from U.S. Bancorp Community Development Corporation, U.S. Bank’s tax equity and community development subsidiary.

The financing also includes $21 million of New Market Tax Credit allocation from four Community Development Entities (CDE): Community Loan Fund of New Jersey, Consortium America, RBC Community Development and USBCDE. The Passaic County Improvement Authority also issued a bond in support of the project, purchased by Goldman Sachs through its construction loan, which serves as a bridge loan for the New Jersey Economic Redevelopment and Growth (ERG) credits.

All financing was managed by BAW’s partner on the redevelopment, RPM Development Group.

“When it comes to a project of this nature, there’s no question that it takes a strong team to put all the pieces in place, and we are extremely thankful for the diverse group of financial partners that came together to fund the reimagination of this historic site,” said Baye Adofo-Wilson, founder of BAW Development. “Given the challenges of the last year, pushing this long-awaited infrastructure project forward required a highly complex, creative financing structure from all parties. The successful closings are a testament to our partners’ belief in the vision for the future of not only Hinchliffe Stadium, but the broader impact it will have for the entire city of Paterson.”


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