In Newark, Iconic Landmark Transformed into Affordable Housing

February 7, 2024

New Jersey is home to many leading businesses in research, technology and telecommunications, which has led to an increase in the state’s population and the need for affordable housing options. Newark, the state’s largest city, has historically faced economic challenges — yet is proving resilient in its efforts to revitalize the city and create more housing. 

A downtown landmark, the iconic New Jersey Bell tower located on 540 Broad Street is now home to hundreds of city residents — thanks to a Freddie Mac Multifamily partnership with Optigo® lender Citi Community Capital. 

Freddie Mac provided $63 million in financing: a Tax-Exempt loanpdf(Opens a new window) for $15 million and taxable supplemental financing for just over $48 million. This helped make it possible for one of our 2024 Freddie Mac Multifamily Impact Sponsors, L+M Development Partners LLC, to renovate the office space into modern, affordable housing units. Now known as Walker House, 20% of the units are mission-driven at 40% and 50% of area median income.