Real Estate Journal — Central New Jersey — November 8 - 21, 2019 — 13B
www.marej.com
M id A tlantic
C entral NJ The Michaels Organization assumed an existing mortgage funded with $2.5 million from the DCA NJHMFAribboncuttingmarks completionofmajor renovation of affordable apartments in Camden
C
ger and fairer New Jersey,” said NJHMFA executive director Richman. "Many of these buildings once pro- vided homes for doctors and medical administrators at Cooper Hospital. Today, they continue to serve the community by providing homes that are affordable to families.” NJHMFA had awarded the project 4% Low Income Housing Tax Credits, which generated $4.1 million in private equity, and provided $6.8 million in permanent conduit bond financing. The Michaels Organization as-
sumed an existing mortgage funded with $2.5 million from the New Jersey Depart- ment of Community Affairs. The Michaels Organiza- tion is a national leader in residential real estate offer- ing full-service capabilities in development, property management, construc- tion, and finance. Serving 145,000 residents in more than 400 communities na- tionwide, Michaels is com- mitted to crafting housing solutions that jumpstart education, civic engage- ment, and neighborhood prosperity.
AMDEN, NJ — New Jersey Housing and Mortgage Fi-
nance Agency (NJHMFA) executive director Charles Richman , local officials and The Michaels Organiza- tion celebrated the comple- tion of the major renovation of 64 townhomes that will preserve historic properties and affordable homes for families in Camden. Cooper Plaza Historic Townhomes involved the restoration of a five-block section of homes near Coo- per University Hospital and the city’s downtown busi- ness district, close to jobs, transportation, shopping and schools. The redevel- opment of 34 buildings in- cludes 64 historic Victorian- style townhomes. All of the townhomes will remain permanently afford- able for households earning less than 80% of the area median income. “Governor Murphy and I are thrilled that this beauti- ful renovation is completed and is in keeping with and building upon the historic integrity of the Cooper Lan- ning neighborhood,” said Lt. Governor Sheila Oliver , who serves as Commissioner of the Department of Com- munity Affairs (DCA) and board chair to NJHMFA. “These new townhomes will provide residents with a high-quality place to live with many local amenities. DCA was proud to help fund this project and commends the public and private enti- ties that worked together to make it happen.” The majority of the two- and three-bedroom town- homes were occupied, and residents remained in place during the work. The $14 million interior and exterior rehabilitation included new HVAC and mechanical systems; new roofs, windows and porch upgrades; and new drainage and waterproofing. Interior work also included renovat- ing kitchens and bathrooms, new appliances and new flooring. “This redevelopment in- jects new life into these distinctive buildings, which will continue to provide homes for city residents and revitalize the community as we continue toward a stron-
Shown from left: John J. O'Donnell, CEO, The Michaels Organiza- tion; Camden Mayor Frank Moran; Cooper Plaza Townhomes resi- dent Mary Concepcion; Susan Bass Levin, President and CEO, The Cooper Foundation; NJHMFA Executive Director Charles A. Rich- man; and Nicholas Cangelosi, Vice President of Development, The Michaels Organization.
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
Made with FlippingBook - Online magazine maker