10B — May 11 - 24, 2018— Central New Jersey — M id A tlantic
Real Estate Journal
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C entral N ew J ersey Pennrose, LLC and Middlesex County developes revitalized building NJHMFA celebrates the opening of affordable housing in Middlesex County for senior citizens
dison, NJ — The Residence at Roosevelt Park, a renovation and adaptive-reuse of the origi- nal 1937 Roosevelt Hospital in Edison, officially marked its reopening as an afford- able housing community for seniors aged 62 and older on Wednesday. The revitalized building, developed by Pennrose, LLC and Middlesex County, in- cludes 85 apartments for senior residents with income limits ranging from $36,900 to $56,940. Twenty-two units are prioritized for veterans, E
and five are set aside for homeless individuals. Resi- dents have already begun to move in within the last sev- eral days. Situated on 11 acres adja- cent to Menlo Park Mall and Roosevelt Park, the Residence at Roosevelt is near several senior healthcare facilities, public transportation, and major roads such as the Gar- den State Parkway, Route 1 and the New Jersey Turnpike. The apartments feature combined living and dining areas and fully-equipped kitchens. The building also
features a community room, roof deck, fitness center, on- site management, laundry fa- cilities, and a resident lounge on each floor. Rents for one- bedroom apartments range from $897 to $1,095 and from $1,071 to $1,308 for two- bedroom apartments. The New Jersey Housing and Mortgage Finance Agen- cy (NJHMFA) awarded the Residence at Roosevelt Park the very competitive 9% fed- eral Low Income Housing Tax Credits, which are expected to generate nearly $14 million in private equity for the project which cost approximately $24.9 million to develop. “The restoration of this building advances NJHMFA’s mission to make quality af- fordable housing available to New Jersey seniors and expand supportive housing opportunities,” said NJHMFA Executive Director Charles A. Richman. “Not only has the Residence at Roosevelt Park preserved a landmark building, it is providing stable homes and peace of mind to seniors on fixed-incomes so that they can age in place.” Pennrose is providing on- site management and pro- fessional maintenance, as well as a supportive services coordinator who will work with residents with special needs. continued from page 8B leases and modest negative ab- sorption in the first quarter, the ongoing adaptive reuse trend continued to help chip away at the availability rate, which im- proved 10 basis points from last quarter to 19.7%. The average asking rent remained relatively flat year-over-year, up just five cents per square foot to $26.34. “Several large transactions that were projected to close during the first quarter in Northern New Jersey stalled, which resulted in lower than anticipated volume totaling 1.1 million s/f of leasing ac- tivity, down 23.9% from the prior year,” Obeid added. “Still, renewals offered some hope, including Standard Chartered Bank’s 72,000 s/f at 2 Gateway Center in Newark, and Kuehne + Nagel’s renewal of 70,531 s/f at 10 Exchange Place in Jersey City.” Colliers releases first quarter . . .
Officials celebrate the grand opening of the Residence at Roosevelt Park in Edison on April 11, 2018. Courtesy of Pennrose, LLC.
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