JV Seals $68M Financing for Camden Property
Tredway and an affiliate of L+M Fund Management are renovating the affordable senior community.
Riverview Towers Apartments is located in Camden, N.J. Image courtesy of Tredway and Sena Affordable Communities
A joint venture of Tredway and Sena Affordable Communities, an affiliate of L+M Fund Management, have closed $68 million in new financing that will allow for the renovation of Riverview Towers Apartments in Camden, N.J. The property is owned by LIHC Investment Group and LNWA.
Situated at 130 Martin Luther King Boulevard, the 225-unit affordable-designated senior apartment community was constructed in 1977. The property offers both studios and one-bedroom apartments with Delaware River views. Riverview Towers houses seniors receiving Section 8. The acquisition will allow the property’s affordability to be extended for an additional 30 years, at income limits of 60 percent of AMI. LNWA originally developed the property in 1977.
The upgraded are being financed with low-income housing tax credits provided by Raymond James and tax-exempt bonds issued by the New Jersey Housing and Mortgage Finance Agency and a U.S. Department of Housing and Urban Development 221(d)(4) mortgage, facilitated by Rockport Mortgage Corporation. Additional construction financing is being provided by TD Bank, with additional project support from Camden’s city government.
Key upgrades
The new partnership will invest as much as $12 million to improve apartments, common areas, building systems and outdoor space. These improvements will result in upgraded kitchens with new cabinets, countertops, plumbing fixtures and Energy Star appliances.
Additional upgrades will include new LED lighting, flooring, signage and refreshed corridors. Enhancements to amenities will include an upgraded community room, including a new fitness center and beauty salon. Outdoor improvements will include a new picnic and seating area and landscaping work. The property’s roof will be replaced and its elevator system modernized.
A comprehensive wellness program will be instituted for residents. All residents in the apartment building benefit from subsidized rents through HUD.
Elsewhere in New Jersey, Canoe Brook recently laned $150 million for a West New York apartment community development.
