$20M Rehab Project Planned At Low-Income Senior Building In Newark
source: PATCH by: Eric Kiefer, Patch Staff
on: May 16, 2024.
Seniors at the Newark apartment complex will also be getting free wi-fi, an upgraded security system and an on-site doctor’s office.
NEWARK, NJ — A $20 million renovation project is being planned at an affordable apartment building that is home to 100 low-income senior households in Newark, developers say.
The property’s new owners, Tredway and LIHC Investment Group, announced that they have completed the acquisition of Forest Hill House at 505 Mt. Prospect Avenue in Newark on Thursday.
In addition to a massive rehab project – which is expected to begin “immediately” – developers say they have also committed to extending the HUD income restrictions governing the apartment complex for another 30 years, which apply to renters with incomes less than 60 percent of the area median income.
Here’s what is coming to the property, according to a news release from the developers:
RENOVATIONS – “Apartments in the 10-story building will receive new windows, air conditioning units, Energy Star appliances and accessibility upgrades. Kitchens and bathrooms will be fully renovated to include new cabinets, countertops, tiling, tubs, fixtures and flooring. Common areas of the property will be equipped with free community-wide Wi-Fi, an upgraded security system and the building’s patio will be refurbished with new furniture and landscaping.”
NEW AMENITIES AND SERVICES – “Residents will benefit from new amenities aimed at improving health and wellbeing and fostering connectivity, including an on-site doctor’s office to accommodate house calls, an on-site nurses’ station and exam room, a beauty salon and barbershop and a new age-appropriate fitness and mobility room. Residents will also receive transportation to the grocery store through Northward Senior Transportation. Additional services will be implemented based on resident feedback in cooperation with Rainbow Housing Assistance Corporation.”
ENERGY EFFICIENCY – “To ensure the entire property is maximized for energy efficiency, the building’s roof will be replaced, an emergency generator installed, lighting will be converted to LED and the developers will undertake insulation, boiler and ventilation upgrades across the complex.”
SIDEWALKS, TREES – “In partnership with the nonprofit Mt. Prospect Partnership, Tredway and LIHC will contribute funds towards the creation of sidewalk crossings and the installation of new signage and wayfinding, as well as take steps to enhance the neighborhood’s historic tree canopy.”
The project is being financed with an FHA-insured Section 221d (4) permanent loan from Rockport Mortgage Corporation through NJHMFA conduit bond issuance, 4% Low-Income Housing Tax Credit (LIHTC) equity provided by Regions Affordable Housing and Bank of New York Mellon, Aspire tax credits and owner equity. Affordable Housing Institute, Inc. is the nonprofit partner. SHP Management is the property manager. The General Contractor is ETC Companies. The project architect is Inglese Architecture + Engineering.
“There is a vital need for affordable, high-quality homes for seniors across New Jersey, and we are proud to provide state-of-the art housing solutions that take into account the specific needs of older adults,” said Andrew Gendron, principal at LIHC Investment Group.
Will Blodgett, CEO and founder of Tredway, said the renovations will help local seniors “age independently” in New Jersey’s largest city.
“A project of this magnitude requires public-private collaboration and we are grateful for the support of the HUD, NJHMFA, NJEDA, the City of Newark, Mayor Ras Baraka and Newark Council member Anibal Ramos Jr.,” Blodgett added.
This is the second affordable senior housing buy in New Jersey by Tredway and LIHC so far this year, developers noted.
In March, Tredway and LIHC announced the redevelopment of another elderly-designated apartment complex in Camden: Riverview Towers. That project will also preserve critical homes for seniors with limited or fixed incomes; a priority in a state that currently lacks as many as 300,000 affordable homes.
This is Tredway’s first acquisition in Newark, while LIHC is one of the owners of the Essex Plaza portfolio, along with Fairstead.
source: PATCH.
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