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Ellavoz Impact Capital and YouthBuild Secure Financing to Renovate Newark Building

via Business Wire

Ellavoz Impact Capital (EIC) has secured financing together with YouthBuild Newark, Inc. (YBN) to fully rehabilitate their 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 (NMTC) allocation from Wells Fargo Bank, N.A. and Community Impact Partners (CIP) 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.

About Ellavoz Impact Capital:

Ellavoz Impact Capital, LLC, (EIC) 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.

With teams in New Jersey, DC Metro, Florida and the Carolinas, Ellavoz currently has total managed and controlled assets with a value approaching $300 million. EIC is comprised of certified public accountants, attorneys, as well as real estate, finance, and economic development professionals. The team has both private sector experience and decades-long experience leading large community development financial institutions and nonprofit organizations. Collectively, the management team has led transactions with a total capitalization value of nearly $3 billion.

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