Statement from Daniel Mirabel, Principal and the NUIC Development team:
As emerging developers, we are excited to express our appreciation for the recent approval of the New Jersey Economic Development Authority’s (NJEDA) Emerging Developer Fund. The $20 million pilot program is a major step towards supporting rising real estate developers like ourselves, providing access to capital and building the capacity needed to transform neighborhoods.
The challenges faced by emerging developers in securing capital are significant, often hindered by unavoidable predevelopment expenses. The NJEDA’s initiative acknowledges these obstacles.
The Emerging Developer Fund, offering grants of up to $200,000, will cover up to 50 percent of pre-development soft costs for emerging developers who have successfully completed at least two – but no more than five – commercial and/or mixed-use properties of similar scope. This program directly addresses the financial burdens that have historically limited opportunities for emerging developers like ourselves, allowing us to take bold steps towards growth and success.
As stakeholders in community development, NUIC is eager to explore the possibilities presented by the Emerging Developer Fund.
We extend our gratitude to the NJEDA, Governor Murphy, Lieutenant Governor Way, and all involved stakeholders for their dedication to creating a stronger, fairer economy that uplifts hardworking New Jerseyans.
For full NJEDA article, visit here.
About NUIC Development
NUIC Development is a real estate development firm that specializes in acquiring and developing deeply distressed real estate opportunities in the Jersey City area into unique, high-quality homes that revitalize communities, while providing investors and lenders with attractive, consistent, and risk adjusted returns.
To learn more about NUIC please visit NUICDevelopment.com