10B — May 11 - 24, 2018— Central New Jersey — M id A tlantic

Real Estate Journal


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.

Wherever you need to be, NAI is already there.

NAI Mertz, a leading full-service commercial real estate rm, was named NAI Global’s Offce of the Year and was recognized for professionalism, brand promotion, global business, leadership, and evolving on a continuous growth trajectory. NAI Global has more than 400 offces strategically located throughout North America, Latin America, Europe, Africa, and Asia Paciic, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. NAI Mertz conducts business throughout the United States and globally, from its regional offces in Philadelphia, Eastern Pennsylvania, and New Jersey.

• #1 Global Producer - Scott Mertz • 40+ Professionals at NAI Mertz • 11 SIORs • Unmatched Market Knowledge • Leading Edge Technology

Delivering results for over 35 years

Where can we help you?


Made with FlippingBook Annual report