{"id":1004190431,"date":"2017-09-14T03:32:02","date_gmt":"2017-09-14T11:32:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004190431"},"modified":"2022-12-09T01:10:06","modified_gmt":"2022-12-09T09:10:06","slug":"pennrose-secures-171m-for-nj-arts-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pennrose-secures-171m-for-nj-arts-center\/","title":{"rendered":"Pennrose Secures $171M for NJ Arts Center"},"content":{"rendered":"<p>By Barbra Murray,<\/p>\n<div id=\"attachment_1004190436\" style=\"width: 375px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/New-Brunswick-Performing-Arts-Center-courtesy-of-Pennrose-LLC-1-800x6....jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004190436\" data-attachment-id=\"1004190436\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pennrose-secures-171m-for-nj-arts-center\/new-brunswick-performing-arts-center-courtesy-of-pennrose-llc-1-800x6\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/New-Brunswick-Performing-Arts-Center-courtesy-of-Pennrose-LLC-1-800x6....jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"New Brunswick Performing Arts Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;New Brunswick Performing Arts Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/New-Brunswick-Performing-Arts-Center-courtesy-of-Pennrose-LLC-1-800x6....jpg?w=800\" class=\"wp-image-1004190436 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/New-Brunswick-Performing-Arts-Center-courtesy-of-Pennrose-LLC-1-800x6....jpg\" alt=\"Rendering of New Brunswick Performing Arts Center\" width=\"365\" height=\"283\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/New-Brunswick-Performing-Arts-Center-courtesy-of-Pennrose-LLC-1-800x6....jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/New-Brunswick-Performing-Arts-Center-courtesy-of-Pennrose-LLC-1-800x6....jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/New-Brunswick-Performing-Arts-Center-courtesy-of-Pennrose-LLC-1-800x6....jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 365px) 100vw, 365px\" \/><\/a><p id=\"caption-attachment-1004190436\" class=\"wp-caption-text\">Rendering of New Brunswick Performing Arts Center<\/p><\/div>\n<p>The New Brunswick Performing Arts Center is nearing completion in downtown New Brunswick, N.J., now that Pennrose LLC has completed the financing for the $171 million mixed-use project, which the company is developing in a public-private partnership.<\/p>\n<p><em>\u201cThis will be an iconic development for New Brunswick and New Jersey adding a rich cultural center to an already established hub for the performing arts,\u201d<\/em> Richard Barnhart, chairman &amp; CEO of Pennrose LLC, said in a prepared statement.<\/p>\n<p>Pennrose\u2019s partners to bring the center to fruition include New Brunswick Development Corp.; the City of New Brunswick; the County of Middlesex; the State of New Jersey Economic Development Authority; the New Brunswick Parking Authority; and the list goes on. The roster of financial participants is just as long, with names such as Pillar Financial\/Fannie Mae, Citibank, Investors Bank and Aegon. Rutgers University is providing $17 million toward construction, and other private equity is part of the project\u2019s financial mix as well.<\/p>\n<h2><strong>Not Your Usual\u00a0Cultural Center<\/strong><\/h2>\n<p>The Center, which will take shape in a 22-story tower sited where the George Street Playhouse and Crossroads Theatre previously stood, won\u2019t be your traditional cultural destination. In addition to two theaters offering a total of 700-plus seats and rehearsal space, the Elkus Manfredi Architects-designed project will feature 207 luxury mixed-income apartment units.<\/p>\n<p><em>\u201cWe are working with the Actors Guild with the goal of marketing the 20 percent affordable units to people involved in the arts,\u201d<\/em> Barnhart added. <em>\u201cOur goal is to be able to provide to people who work behind the scenes to produce these performances the opportunity to live in some amazing apartments with connected access to where they work.\u201d<\/em> The development will also feature 37,000 square feet of office space to be acquired by Middlesex County and Rutgers University for occupancy by arts organizations, as well as a 344-space parking garage located on what is presently a surface parking lot.<\/p>\n<p>The Center is on track to debut in 2019.\u00a0<\/p>\n<p>Another <a href=\"https:\/\/www.commercialsearch.com\/news\/transformative-mixed-use-developments-revive-newark\/\">transformative\u00a0project<\/a> is currently underway in Newark, N.J. which is part of\u00a0of several recent multi-million commercial real estate investments in the city.<\/p>\n<p><em>Image courtesy of\u00a0Pennrose<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The funds ensure the firm&#8217;s continued public-private partnership development of the 450,000-square-foot New Brunswick Performing Arts Center, which will feature mixed-income apartments, office space, and two theater venues.<\/p>\n","protected":false},"author":969,"featured_media":1004190436,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,21752,1600,21742,10],"tags":[37558,37556,37560,37557,37559],"class_list":["post-1004190431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","tag-new-brunswick-development-corporation","tag-pennrose","tag-pillar-financial","tag-richard-barnhart","tag-rutgers-university"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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