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ARTICLE · 28 NOVEMBER 2023

NJEDA Creates Emerging Developer Fund – Makes Grants Of Up To $200,000 For Pre-Development Costs Available For Small Scale Developers

Duane Morris LLP
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Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a new $20 million pilot program to support "rising real estate developers".

United StatesFinance and Banking
Brad A. Molotsky
Brad A. Molotsky
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Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a new $20 million pilot program to support "rising real estate developers". The Emerging Developer Fund is designed to help developers gain access to capital and build additional capacity to expand their existing portfolio.

Access to capital for "small-scale developers" in the real estate development industry continues to be a challenge according to the NJEDA. These barriers include predatory lending, excessive carrying costs, and predevelopment expenses a developer may encounter. These pre-development costs are incurred by the developer before they can seek short-term construction financing. Often times, new developers lack the resources to cover these types of costs which they are pursuing projects – including design costs, environmental due diligence, site work diligence, permitting costs and the costs to prepare a financial model for a particular project.

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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