NEWARK — After years of wrangling, Newark's Richardson Lofts finally opened Thursday.

"I really want everybody to know how difficult this project was," Mayor Cory Booker said at Thursday’s ribbon-cutting. "It had to be resuscitated a few times."

The 67-unit, mixed-use apartment building cost $15 million, with much of that money coming from the New Jersey Housing and Mortgage Finance Agency.

The project, begun in 2008, retrofit a 1904 jewelry factory into what is billed to become a Platinum LEED certified structure — the highest environmental rating available.

Begun in more bullish economic times, developer Michael Saltzman praised the project in 2008 as a sign of Newark’s recovery. But funding dried up during the housing crash and Saltzman was bought out, officials said.

RPM Development stepped in and within two years delivered 34 market rate apartments and 33 affordable units in the heart of Newark’s downtown.

A big chunk of the financing came from an $8.2 million loan from the state HMFA, according to Anthony Marchetta, the agency’s executive director. The Department of Community Affairs kicked in a $2.8 million loan. Newark threw in $1.9 million in financing. The remainder was financed with equity from tax credits and a bank loan, officials said.

Affordable lofts range from $825 to $1,100 a month. Market rate units start at $1575 to more than $2,100 a month.

"In the 20th century buildings such as this were a symbol of Newark’s greatness," said Adam Zipkin, Newark’s Deputy Mayor for Economic Development. "Now in 2012 the building again becomes a symbol of Newark’s greatness."

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