8B — October 27 - November 9, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
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O wners , D evelopers & M anagers
350-room dual-branded property at Glenpointe Alfred Sanzari Enterprises holds ‘Topping Out’ for hotel T
Presby’s Inspired Life redevelopment TDBank invests in affordable housing for senior citizens
Philadelphia, PA — TD Bank will assist in fi- nancing Presby’s Inspired Life (Presby) redevelopment of a nursing home into affordable housing for senior citizens in Kingsessing, Southwest Phila- delphia. Witherspoon Senior Apartments will be developed through Presby and is the lat- est initiative to help address the growing need for affordable senior housing in Philadelphia. The bank has provided a $9.1 million construction loan through its Commercial Real Estate Group and purchased $12.0 million in federal tax credits through the Community Capital Group.
The funds will aid to partially demolish a former nursing home at the Southwest Phila- delphia complex for conversion into more than 65,000 s/f of new apartments. The remodeled two-story building will include 60 spacious units featuring one-bedroom apartments in- cluding six units for seniors with physical immobility, three units for seniors with sensory impairment and 10 units for homeless seniors, including vet- erans. The building will include community space for resident services and recreation as well as common spaces such as read- ing, computer and game rooms. The community will also have a Health and Wellness Suite which will provide a space for doctor’s visits including a salon, a pharmacy and a commissary, to meet the various needs of senior residents. “The development of With- erspoon Senior Apartments is a significant milestone for the Southwest Philadelphia community,” said Benjamin Kruger , vice president at TD Bank. “We’re proud to help with the revitalization of the build- ing and hope that it provides a new beginning for many se- nior residents in Philadelphia. We’re invested in making a positive impact, because this is part of what makes TD Bank different.” Affordable housing options in the area are typically converted rowhomes, but these units are generally not appropriate for seniors who may have mobility problems. Despite the aging population, very little senior housing has been added to the area’s inventory. Witherspoon Senior Apartments will be available to households earn- ing less than 60 percent of the area’s median income, and will sit on an 8 acre campus which includes three other apartment buildings managed by Presby properties. With expected completion in the fall of 2018, Witherspoon Senior Apartments will be a long-term asset to the community. “At the heart of Presby’s ministry is its service to old- er adults of limited financial means,” said Judee Bavaria, president & CEO of Presby’s Inspired Life. “Witherspoon Senior Apartments will fulfill a critical need for quality, afford- able housing for older adults in Southwest Philadelphia. We are grateful to TD Bank for their ongoing support and look forward to working with them through construction.” n
EANECK, NJ — Al- fred Sanzari Enter- prises held a “topping out” event for its new 350-room dual-branded hotel now under construction at the mixed-use Glenpointe complex in Te- aneck. The construction mile- stone marked the final concrete pour for the new hospitality project,which is scheduled for completion in 2018. The dual-branded hotel will in- clude 190 Hampton Inn & Suites by Hilton rooms and 160 Home- wood Suites by Hilton units. Upon completion, the hotel is expected to bring more than
Topping Out’ for Dual-Branded Hotel
6,000 guests per month to the area and will create dozens of
permanent hospitality-related jobs. n
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