S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Rental housing will provide units for homeless individuals and families Groundbreaking kicks off $19m proj. to rehabilitate multifamily affordable housing in Bridgeton
RIDGETON, NJ — New Jersey Hous- ing and Mortgage Finance Agency (HMFA) executive director Anthony Marchetta joined local of- ficials and representatives of WinnDevelopment Com- pany on Thursday to break ground on an $18.7 million affordable housing project in Bridgeton. Upon completion, the newly rehabilitated mul- tifamily housing development will provide 100 affordable apartments. Located on a five-acre site in B HI-LIGHTS Sept. 15 - 28, 2017
Bridgeton Villas I is receiv- ing a significant infusion of HMFA funding, including $9.55 million in construction and permanent financing from the Conduit Bond pro- gram and $1 million from the Special Needs Housing Trust Fund. The developer has also applied for federal 4 percent Low Income Housing Tax Credits, which are expected to generate $6.4 million in private equity. “This development repre- sents our continued commit- ment to expand affordable housing opportunities for New Jersey residents,” said New Jersey Department of Community Affairs (DCA) Commissioner Charles A. Richman, who also serves as chairman of the HMFA board. “I am particularly pleased that this development will offer permanent supportive housing for families impacted by homelessness.” The project will modernize the complex, improve energy efficiency and expand the ser- vices available to residents. Social services will be offered
by Gateway Community Ac- tion Partnership, which will provide or arrange case man- agement services for building residents. All units will be affordable to households earn- ing 60% or below the Area Me- dian Income, with anticipated rents ranging from $623 to $1,200. The property is close to a school, grocery stores and open space. Bridgeton Villas I residents can utilize free on- demand public transportation provided to the general public as part of the Cumberland Area Transit System. “Our Multifamily Conduit Bond Program enables well- capitalized developers to issue bonds through the agency at the most competitive interest rates available in the mar- ketplace,” said HMFA execu- tive director Marchetta. “The program is very attractive to developers, and the result is expanded opportunities to create housing for New Jer- sey families and also to help homeless residents. We have issued well over a billion dol- lars in conduit bonds since the program began in 2012.” n
Shown from left:Edward Bethea of Gateway Community Action Partnership, David Ginsberg of WinnDevelopment, Bridgeton City Council President Gladys Lugardo-Hemple, Brett Meringoff of WinnDevelopment, New Jersey Senate President Stephen M. Sweeney, Anthony L. Marchetta of the New Jersey Housing and Mortgage Financing Agency, Michael Putziger of WinnCompanies, Bridgeton Mayor Albert B. Kelly, Bryan Dickson of Citi Community Capital, and
SHORTHILLS, NJ — The Blau & Berg Company brokered the sale of two in- dustrial properties in New- ark, NJ to Terreno Realty Corporation , an acquirer, owner and operator of indus- trial real estate in six major coastal U.S. markets. Alex Conte, CCIM, SIOR, Jason Crimmins, CCIM, SIOR, Kenneth Crimmins, CCIM, SIOR and Peter J. Murano, SIOR of The Blau & Berg Company were the procur- ing brokers representing the buyer and seller in the trans- actions. The first property, located at 178 Stockton St., is a 7.2 acre improved land parcel with easy access to U.S. Routes 1 and 9, the port and New York metropolitan areas. The prop- erty is also less than one mile Larry Curtis of WinnDevelopment. the Glenview neighborhood, Bridgeton Villas I is an exist- ing two-story, walk-up garden- style apartment complex, built between 1967 and 1972, that will be rehabilitated in two phases. In phase one, the developer will rehabilitate five buildings that contain 100 existing one-,
two- and three-bedroom units. Construction is expected to be completed in February. Ten units will be set aside for homeless individuals and families. Phase II will rehabili- tate three buildings, including 56 units with five set aside for homeless individuals and families.
SPO TLIGHT Northern NJ
3-12B Cb3 acqui res f i rst affordable housing property for $12.25m
The Blau &Berg Co. arranges sale of two industrial properties in Newark to Terreno Realty Corp.
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178 Stockton Street
422-470 Frelinghuysen Avenue
from I-78, Exit 14 of the New Jersey Turnpike and Newark Liberty International Airport. The second property, a 10.6 acre improved land parcel located at 422-470 Freling- huysen Avenue, is located across from Newark Liberty International Airport in close proximity to U.S. Routes 1 and 9, I-78, and the New Jer- sey Turnpike. Both properties
are currently available for lease and represented by The Blau & Berg Company. “Terreno Realty was seeking to expand its portfolio through strategic acquisitions in port locations,” said Peter Murano, senior executive director, The Blau & Berg Company. “We were able to find two proper- ties in prime locations that offered the opportunity for
near term goals of projected returns and future redevelop- ment potential. We have expe- rienced an incredible amount of interest in both properties and expect them to be leased in the third quarter.” The Blau & Berg Company was founded in 1932 and holds a leading position in the New Jersey and Tri-State commer- cial real estate market. n
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ALSO INside
SESI Consulting Engineers. .13B Anthony L. Marchetta. ....14B Charles J. Caramanna, PE, LEED AP, CCP, CPMP. ..........15B www.marejournal.com
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