The Leaguers, an African American led agency, has been providing high-quality services to low-income families of color in Newark, New Jersey, for 43 years. In 2015, Reinvestment Fund partnered with the Boston Community Loan Fund (BCLF) to refinance a loan that helped The Leaguers construct a 44,000 square foot administrative and classroom building close to downtown Newark.
Reinvestment Fund is one of four participants in the financing. The Leaguers have been in the new building since 2009, which serves as its administrative headquarters and as the site for 14 of its 70 early childhood education classrooms. There is common area and meeting space on the first floor which is used for the Leaguers’ in house trainings, and rented to other local organizations for occasional use.
The Leaguers is strongly committed to recruiting and retaining high caliber staff. The new facility serves as training space for its over 300 employees. As a result of both the opportunities for professional development and attention to a work environment that is supportive and appreciative of employees, staff turnover is low for an organization its size. Length of tenure for all senior and middle management staff averages over 14 years.
The facility was originally funded through a $13.3 million New Markets Tax Credit allocation from BCLF in 2008, in which Reinvestment Fund was a leverage loan participant. The new loan of $7.8 million will cover the remaining balance on its financing and provide The Leaguers with a simpler debt profile to secure attractive permanent financing for its flagship property.