NJEDA Board Approves $10M in Gap Financing to Support Real Estate Projects Across NJ

Real Estate Gap Financing Program supports developments that address negative COVID-19 pandemic impacts

TRENTON, N.J. (August 26, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved $10 million in grant funding under the Real Estate Gap Financing Program to support the development of five real estate projects. The Program provides gap financing for impactful real estate development projects located in select municipalities that address the negative economic impacts of the COVID-19 pandemic. 

“Under Governor Murphy’s leadership, New Jersey has prioritized fostering a sustainable economic recovery by ensuring that federal COVID-19 recovery resources have a lasting impact by helping communities revitalize underutilized spaces, expand affordable housing, and support small businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “The projects approved under the Real Estate Gap Financing Program will strengthen local economies, expand opportunities for residents, and help create vibrant downtowns and main streets across the state.”

Approved by the NJEDA Board in July 2024, the Real Estate Gap Financing Program provides grants covering up to 50 percent of total eligible project costs, with a minimum grant funding award of $500,000 and a maximum award of $5 million per project. Eligible real estate projects include commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects, cultural arts, performing arts, and mixed-use projects located in 25 distressed municipalities.

The following projects were approved to receive funding through the Real Estate Gap Financing Program:

• 500 High Street LLC – Perth Amboy – $2,791,515
  • The project, located at 500 High Street, involves the substantial rehabilitation and new construction of a long-vacant, deteriorated concrete shell structure into a 6-story mixed-use development. The project will include 23 residential units, five of which will be designated as affordable housing, along with a 1,100 square foot commercial space on the ground floor.

• Parkway Eye Care Center, LLC – East Orange – $2,748,485
  • The proposed project, located at 21 North Park Street, involves new construction of a mixed-use development featuring 15 residential units, including three affordable units, along with a commercial component that will serve as a new home for Parkway Eye Care Center. The project is led by a certified small, minority, and woman-owned business and is intended to stabilize the practice’s long-term presence in the community.

• 500 Blvd Urban Renewal LLC – Lakewood – $2,000,000
  • The project, located at 500 Avenue of the Americas, will include the construction of a two-story commercial building totaling 15,698 square feet, featuring a restaurant on the first floor and conference space on the second floor.

• Greater Bergen Community Action, Inc. (GBCA) – Garfield – $1,300,000
  • The project, located at 106 Somerset Street, involves the substantial rehabilitation of a 24,000-square-foot, three-story office and retail building, transforming the property into a mixed-use facility anchored by a small business assistance center supporting women-, minority-, and veteran-owned enterprises—especially in the renewable energy and construction sectors. The site will also include a branch of GBCA’s 1st Bergen Federal Credit Union, a commuter-focused concession, and access to GBCA’s full range of community services.

• The Institute of Music for Children – Elizabeth – $1,160,000
  • The project, located at 780 Salem Avenue, involves substantial interior improvements to transform an underutilized space into a vibrant, high-quality facility for arts education, job creation, and community revitalization. The renovations aim to expand programming for youth, increase employment for teaching artists, and strengthen social and emotional health in response to COVID-19’s long-term impact on children and artists.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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