Co-developers SJM Partners Inc. and Slayton Ventures, along with The Port Authority of New York and New Jersey, collaborated on a public-private partnership to revitalize the George Washington Bridge Bus Station in New York City. Plans call for a redevelopment of the two-building, three-level facility including a dramatically upgraded bus station, and 130,000 sq. ft. of new retail space. Anchor tenants in the new space include a, health club, department store, and a variety of smaller retailer users. Additionally, a new supermarket will provide fresh and healthy food to an underserved market. The project needed to bridge a financing gap to move the project forward.
Baker Tilly solution
Baker Tilly’s Transactions team provided project finance advisory services to the development partners to source and secure financing needed to complete the deal. Our team closely coordinated the structuring of New Markets Tax Credits and EB-5 financing in order to complete funding. By creating an innovative transaction structure, the co-developers were able to leverage available funding sources to move their project through development.
With other funding sources secure, including an $87M EB-5 direct loan, Baker Tilly helped source and secure an additional $19.5M in New Markets Tax Credit allocation to finalize the capital structure. The redevelopment will have a major impact on the resurgence of the surrounding economically distressed communities by improving access to one of the region’s most important inter-modal transportation facilities with new retail access, creating hundreds of new jobs for lower-income residents, and restoring an important historic structure that will physically upgrade and transform the area.
For more information on this topic, or to learn how Baker Tilly project finance specialists can help, contact our team.