NEWARK-Brick City Development Corp. is providing a $1.2-million loan to help finance the redevelopment and expansion of Newark Screens, the city’s only movie theater, a project from basketball star (and Newark native) Shaquille O’Neal’s development company, O’Neal Group LLC and Boraie Development, LLC.

The financing was provided in partnership with the Newark Urban Enterprise Zone. Additional financing was provided by the Goldman Sachs Urban Investment Group in partnership with New Jersey Community Capital and the New Jersey Economic Development Authority. “The deal has a complicated financial structure,” says Lyneir Richardson, CEO of BCDC. “Nevertheless, the developer has been tenacious and all of the financial partners stayed committed.”

The 25,000-square-foot, six-screen theater is located at 360-394 Springfield Ave. in the Central Ward. The $7-million project calls for the building to be expanded by 20,000 square feet and six more screens. Three of these screens will be 3-D and one will be similar to IMAX. All of the theaters will have state-of-the-art interiors, sound systems, and stadium seating. The project will also include a new lobby and an updated concession area. Construction is slated to be completed by late fall.