The first major renovation in nearly 50 years of a 99-unit Newark senior-citizen affordable housing apartment complex was celebrated recently by the developers, residents and others.
Tredway, a New York City-based real estate developer, and national real estate investor LIHC Investment Group of Portland, Maine, unveiled their $42-million rehab of Forest Hill House at 505 Mount Prospect Avenue.
“Forest Hill House now provides residents with the high-quality housing they deserve, and that enables them to age with dignity,” Tredway CEO and founder Will Blodgett said in a statement.
Added Andrew Gendron, principal at LIHC Investment Group: “These enhancements are designed to strengthen resident support systems, promote wellbeing, and reduce barriers to care through on-site services our seniors can rely on.”
The developers held a tour and ribbon-cutting on May 19.
Renovations were financed with a permanent loan from Rockport Mortgage Corporation through New Jersey Housing and Mortgage Finance Agency conduit bond issuance, 4% Low-Income Housing Tax Credit equity provided by Regions Affordable Housing and BNY, Aspire tax credits, and owner equity, according to the developers’ announcement.
Affordable Housing Institute Inc. of North Carolina is the nonprofit partner, and SHP Management is the property manager. The project architect is Inglese Architecture + Engineering of Cedar Grove.
“New amenities are aimed at improving health and wellbeing and fostering connectivity, including an on-site doctor’s office, nursing station, beauty station, fitness and mobility room, and free community-wide Wi-Fi,” according to the announcement. “Through partnerships with Northward Senior Transportation and Mount Prospect Partnership, resident services have expanded, including local trips and transportation, holiday food giveaways, and fire and life safety training.”
Tredway now has acquired two affordable housing developments in New Jersey.
The company recently completed renovations at its 225-unit Riverview Towers Apartments in Camden. Tredway purchased the property with Sena Affordable Communities, an affiliate of L+M Fund Management.
