22A — April 13 - 26, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N ew J ersey
O R T H B RUN S - WICK, NJ — The Township of North To redevelop former Oak Leaf Village with 183 new affordable apartments The Township of North Brunswick, NJ & Community Investment Strategies, Inc. partner N
The Township is contributing $5.25 million from the North Brunswick Affordable Housing Trust Fund and will receive Fair Housing Act obligation credits. CIS, a leading developer of multi-family housing, including 55+, senior housing and mixed- use redevelopments, as well as market-rate and affordable housing, acquired the property through receivership. The Law- renceville, NJ based company will convert the existing units to affordable housing units for low- to-moderate income residents. “This comprehensive rehabili- tation will greatly improve the quality of housing in North Brunswick and provide safe,
attractive, well-managed and much needed affordable housing for families at North Brunswick Crescent,” said Mayor Francis “Mac” Womack III. “CIS’ will- ingness to work with Township officials and local residents and their outstanding reputation throughout New Jersey for im- proving overall neighborhood stability are exemplary.” Plans include a $13 million gut rehabilitation of the existing 16 two-story buildings in phas- es. In addition to remedying ex- isting issues, such as replacing electrical, heating and plumbing systems, the redevelopment will incorporate improved walkways and landscaping, energy-effi- cient systems, updated interior finishes and fixtures, a tot lot and repair/replacement of water and sewer service lines. North Brunswick Crescent will incorporate affordable liv- ing with amaintenance-free life- style and numerous amenities. Each modern energy-efficient apartment home will include washers and dryers and central air conditioning. Residents also will benefit from 24-hour emer- gency maintenance and on-site 24/7 property management ser- vices provided by CIS’ affiliate, CIS Management, Inc. “In keeping with our business philosophy to empower people through physical space, we are proud to be partnering with the Township of North Brunswick to restore this neighborhood with a creative housing solution that supports the lifestyle and eco- nomic needs of local residents,” said CIS Founder and CEO Christiana Foglio. In addition to the Township’s Affordable Housing Trust Fund contribution, CIS secured in- terim financing through North Jersey Community Bank. The company will work with the New Jersey Housing and Mort- gage Finance Agency (NJHM- FA) and a permanent lender to secure additional funding for the revitalization initiative. CIS also will employ federal LIHTC to raise equity for the improve- ments. The North Brunswick Cres- cent redevelopment is consis- tent with the Township Master Plan and marks a new era in revitalization efforts to at- tract businesses, residences and cultural and recreational opportunities. The apartment- home community is located in a Metropolitan Planning Area and designated Smart Growth Area, just one-quarter of a mile from Route 27. n
Brunswick, NJ and Commu- nity Investment Strategies announced that they are col- laborating to redevelop the distressed Oak Leaf Village Apartments, market-rate gar- den apartments located on Oak Tree Road in the municipal- ity. Once completed, the new apartment-home complex will be renamed North Brunswick Crescent and will feature a total of 183 new affordable apartment-rental units; on- site management offices and a superintendent’s unit; and a new community clubhouse.
North Brunswick Crescent Group
SINGLE FAMILY LOAN SALE 2012-2 (SFLS 2012-2) Sixth offering in a series of sales Approximate Portfolio Size: 279 loans
Scheduled Bid Date: April 25, 2012
For further information please visit: http://www.DebtX.com
Transaction Specialist: SEBA Professional Services
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