New $30 Million Deal To Develop World's Largest Indoor Vertical Farm In Newark

NEWARK, N.J., March 9, 2015 /PRNewswire/ -- RBH Group and its investment partners, Goldman Sachs Urban Investment Group, Prudential Financial Inc., and AeroFarms, together with the City of Newark and the New Jersey Economic Development Authority (NJEDA), announce the closing of a $30 million project to redevelop a former industrial site in the Ironbound community of Newark, NJ into the world's largest indoor vertical farm and global corporate headquarters for AeroFarms.

Ron Beit, founding partner and CEO of RBH Group, said, "We are delighted to introduce AeroFarms, a farming and technology leader, to the City of Newark, creating jobs for local residents and greater access to locally grown produce. AeroFarms will anchor our broader 'Makers Village' development project in the Ironbound neighborhood which will bring 21st century businesses to Newark and the State of New Jersey."

David Rosenberg, CEO for AeroFarms, said, "We are excited to redefine not only the Garden State but also agriculture overall. Partnering with RBH, Goldman Sachs, Prudential, the City of Newark and NJEDA allows us to bring our global headquarters and the world's largest indoor vertical farm close to where the consumer is, offering a fresher, more nutritious and delicious product while also creating jobs in the community."

Mayor Ras J. Baraka said, "Newark is excited to partner with RBH Group, AeroFarms, Goldman Sachs, Prudential Financial and the New Jersey Economic Development Authority on the creation of the world's largest indoor vertical farm. Newark is increasingly becoming a destination City for high-tech and environmentally-friendly commerce, and this $30 million project in the East Ward will bring jobs and prosperity to our City."

Margaret Anadu, Managing Director, Goldman Sachs Urban Investment Group, said, "AeroFarms' innovative vertical farming technology will help boost the local economy, promote healthy food options locally, and support environmental sustainability." 

"We expect AeroFarms to build on Newark's history as a hub for manufacturing and innovation by attracting and retaining businesses that will grow through the 21^st Century," said Lata Reddy, vice president of corporate social responsibility and president of The Prudential Foundation.  

The project received New Market Tax Credit allocation from United Fund Advisors and Dudley Ventures. 

About RBH Group
Ron Beit is the founding partner and CEO of RBH Group, LLC and president of RBH Management, LLC, asset and property management companies. RBH has acquired, developed, rehabilitated, and/or operated over 1 million square feet of commercial and residential real estate in projects throughout the U.S. It has over 6 million additional developable square feet in institutional-grade sites throughout downtown, Newark, NJ. http://www.rbhgrp.com/

Contact: Lonnie Soury at (212) 414-5857, (917) 519-4521 or lsoury@soury.com.

SOURCE RBH Group, LLC