NRP Group Opens Affordable Community in New Jersey
This development is located in an Urban Enterprise Zone and Smart Growth Area.
The NRP Group has opened 722 Chancellor Apartments, a 51-unit fully affordable housing community in Irvington, N.J. The property came online through a partnership between The NRP Group and Adenah Bayoh, a Black female real estate developer and entrepreneur.
The Northern New Jersey community is reserved for residents earning 60 percent or less of the area median income, while five units are set aside for residents with special needs. YMCA of Greater Newark will provide supportive services.
Financing sources included the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase, Hudson Housing, the Township of Irvington and Greater Newark LISC., while the Irvington Housing Authority provided five project-based vouchers. JPMorgan Chase Bank facilitated a $13 million construction loan and the Township of Irvington Local Government provided $300,000 in construction financing, according to Yardi Matrix data.
Green New Jersey community in a designated Redevelopment Area
OCA Architects designed the Energy Star-certified property. The redeveloped, five-story building incorporates one-, two- and three-bedroom floorplans ranging between 610 and 1,151 square feet. The common-area amenities include a fitness center, a community room, a computer room, a children’s playroom, laundry facilities and parking spaces. The units feature walk-in closets and energy efficient appliances.
The pet-friendly community located at the intersection of Chancellor and Union avenues is in a designated Redevelopment Area, Urban Enterprise Zone and Smart Growth Area, according to the main developer. The property is close to Interstate 78, linking it to downtown Allentown and New York City. Newmark Airport, Kean University, Seton Hall University and South Mountain Reservation are within a 6-mile radius.