September 14, 2023

MSW Client Secures $90,000,000 in Tax Credits for 14-Story, 350-Unit Project in Newark

Murphy Schiller & Wilkes LLP (MSW) is proud to have represented Bolton Development, LLC in connection with obtaining a $90,000,000 award under the Aspire Tax Credit Program at this week's New Jersey Economic Development Authority (NJEDA) Board meeting in Trenton. With the help of these tax credits, The Portnow, which will be located at Newark's Board Street Station, will include 350 apartment units, 70 of which will be affordable, 8,500 square feet of retail space, and a 178-space parking garage. MSW also represented the developer in obtaining land use approvals and a 30-year PILOT from the City of Newark.

Murphy Schiller & Wilkes LLP is a boutique law firm specializing in commercial real estate and development matters. Headquartered in Newark, NJ, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.