8B — August 25 - September 14, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers
EWARK , NJ — New Jersey Hous- ing and Mortgage Montgomery Heights II will provide affordable rental units for working families Christie Administration marks groundbreaking of $45.3m affordable housing & retail project N
located onMartin Luther King Boulevard close to a number of other redevelopment projects. Of the 154 low- to moder- ate- income units, 132 will be housed in a five-story, eleva- tor-serviced building, and the remaining 22 will be in four townhouse-style buildings. The development will offer 1- 2- and 3-bedroom rental units and 7,000 s/f of retail space. The apartments will include full kitchens, carpeting and central air conditioning. Com- munity amenities will include a fitness center, media room and on-site parking. The units
will be affordable to residents earning between 50 percent and 60 percent of Area Median Income. Monthly rents will range from $440 to $1,477. The project is expected to be completed by October 2018. HMFA is investing $21.3 million in construction and permanent financing. The developers, Pennrose Proper- ties and One Real Estate of Philadelphia , have ap- plied for federal 4% Low In- come Housing Tax Credits, which are expected to generate $16.9 million in private equity. Montgomery Heights II will be developed in cooperation with the Newark Housing Author- ity, which is providing $12 million in capital bond funding and $5.5 million in Up Front Grant funds. The first phase of this project has already provided 80 homes, which also included HMFA funding. “Our Conduit Bond pro- gram, which is the source of the HMFA financing, is a key tool to help developers expand the reach of their investment,” said HMFAExecutive Director Marchetta. “This development represents a significant invest- ment in this neighborhood of modern housing that will benefit the residents and the community.” HMFA estimates that Mont- gomery Heights II will gen- erate approximately $71.8 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construc- tion, the project will sup- port approximately 430 direct and indirect/induced full-time equivalent jobs, and generate nearly $2.6 million in state and local taxes. When com- pleted, Montgomery Heights II is expected to continue to add value to the community by providing approximately $8 million in ongoing economic output, 45 direct and indirect/ induced full-time equivalent jobs, and over $452,000 in state and local taxes annually. Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” con- ducted by HR&A Advisors, Inc., a real estate and eco- nomic development consulting firm. n
Finance Agency (HMFA) executive director Anthony Marchetta joined Newark Mayor Ras Baraka, represen- tatives of Pennrose Proper- ties , the Newark Housing Authority and other local of- ficials to celebrate the ground- breaking of a $45.3 million project to build 154 affordable rental apartments inNewark’s historic High Street District. Montgomery Heights II will be constructed on the former Brick Towers site centrally
Shown from left: Fausto Baez (NHABoard Member), Timothy Henkel (Pennrose), Freeholder Bonnie Watson, Ms. Dianne Johnson, Rahim Islam (One Real Estate), Ellen Harris (NHA), Maria Maio-Messano (HUD), Anthony Marchetta (NJHMFA), MorrisWarner (NHA), Coun- cilwoman Gayle Chaneyfield Jenkins (Central Ward Councilwoman), Julio Colon (City of Newark), Eddie Osborne (Councilman at Large), and Laura Bailey (Capital One Bank, NA).
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