BELMAR, N.J., June 25, 2020 /PRNewswire/ -- The Ellavoz Shared Values Opportunity Fund has made its first investment in the Newark Arts Commons, which is converting the original St. Michael's hospital buildings into a new destination for the arts in downtown Newark, New Jersey. The Fund is a partnership between Ellavoz Impact Capital, a social impact Qualified Opportunity Fund management firm, and New Jersey Community Capital (NJCC), the state's largest community development financial institution.
According to Robert Hutchins, Managing Director of the Ellavoz Shared Values Opportunity Fund, "The Ellavoz Impact Angels have oversubscribed to the funding request for the Newark Arts Commons. This project fulfills our goal of investments that return both an appropriate tangible risk-adjusted market-internal rate of return and a measurable social impact return."
The development offers deeply discounted space for arts-focused non-profits – GlassRoots, Newark Arts and Project for Empty Spaces – allowing them to continue their mission in downtown Newark, while also creating a new hub for the arts community, further solidifying Newark's stature as one of the country's most vibrant arts communities.
The upper floors will be transformed into co-living apartments managed by Common, the premier company on the forefront of the shared-housing model. This living solution addresses the challenges in Newark's residential rental environment and caters to the needs of today's mobile professionals, essential healthcare workers, and nearby university students.
The current development team includes Community Asst Preservation Corporation (CAPPC), which is a subsidiary of New Jersey Community Capital. Jeff Crum, Chief Investment Officer of NJCC, said, "We are very pleased and excited to have the Ellavoz Shared Values Opportunity Fund as an investor and partner. We look forward to working with them on future projects in New Jersey."
Social Impacts include:
80 jobs will be created during the development phase
40 permanent jobs will be created
The building will provide flexible creative space for nearly 100 artists annually
The upper floors will be transformed into 92 co-living apartments managed by Common
500 low- and moderate-income youth will be served annually by on-site projects
The development encompasses two interconnected buildings that served as the original St. Michael's Hospital and have been a part of Newark's history for nearly 150 years. Construction of the building on the corner of Central Avenue and Dr. Martin Luther King Jr. Blvd. was initiated in 1869 by the Sisters of the Order of St. Frances. St. Michael's offered 130 beds to patients regardless of race or color.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing, investment, and support to sustainable community development ventures that develop and preserve affordable homes, increase jobs, improve educational opportunities, and strengthen neighborhoods to ensure that underserved communities can thrive. For more information, visit www.newjerseycommunitycapital.org.
About Community Asset Preservation Corporation
Community Asset Preservation Corporation (CAPC) is a wholly owned subsidiary of New Jersey Community Capital. CAPC is a non-profit organization that acquires vacant and abandoned properties to stabilize and revitalize communities. CAPC partners with local community builders and contractors to rehabilitate and return properties to productive use as quality, affordable housing. For more information, visit www.capcnj.org.
About Ellavoz Impact Capital
Ellavoz Impact Capital is the management company for the Ellavoz Shared Values Opportunity Fund and the Ellavoz Impact Angel Network. The Angel Network represents high net worth individuals, family offices, and businesses that believe innovative opportunity fund investing in underserved communities will result in positive financial and social impact returns. The Angel Investors' collective experience and resources will change lives and build communities for future generations.
To learn more about the Ellavoz Shared Values Opportunity Fund or to become a member of the Ellavoz Impact Angel Network, visit us at www.ellavoz.com.
Or Call Us: Robert Hutchins, 908.330.2029 Christopher Ferry, 732.616.8847