$18M Financing Secured for Landis Square Mixed-Use Senior Housing
- Nov 28, 2016
Vineland, N.J.—Eastern Pacific Development, in partnership with Gateway Action Partnership, has acquired $17.8 million in financing for the new construction of what will be known as Landis Square Senior Apartments in the designated redevelopment area of Vineland, N.J.
Landis Square will offer one- and two-bedroom units for people 55 and older. Housing a ground-floor retail space and 71 affordable senior apartments, the structure will be three stories and offer 10 units specifically for those with special needs.
“The Landis Square Senior Apartments area are a prime example of how a developer can work with a community to create a project that provides housing that is affordable while at the same time plays a key role in strategic downtown revitalization,” Hans Lampart, president & CEO of Eastern Pacific Development, told Multi-Housing News.
Financing for the project includes capital contributions of $13.9 million from an investor for the purchase of federal low income housing tax credits awarded by the New Jersey Housing and Mortgage Finance Agency. The project will also be funded from construction and permanent loans by private banks. Jeffrey Beenstock, a partner in the real estate department of Ballard Spahr’s New Jersey office represented Eastern Pacific in closing the financing and acquisition of the land in early November.
“This project overcame a lot of obstacles in the financing. One particularly challenging aspect of the transaction involved the 9 percent federal low income housing tax credits, because they are awarded on a competitive basis and the competition can be rigorous,” Beenstock told Multi-Housing News. “Eastern Pacific Development has much experience with and knowledge of the tax credit application process. The team’s experience and perseverance really paid off in order to get us to the closing.”
Located on the East and Landis intersection, the Landis Square Senior Apartments will be part of Landis Square East, a larger effort to redevelop the four corners of East and Landis Avenues. The project is under construction now that financing is in place and is scheduled for completion within one year. Rents will range from $124 to $680 per month.
Eastern Pacific is the designated developer for Vineland, which has involved the demolition of a city block containing a dilapidated motel and other unused structures. The company has already completed restoration of the historic, 800-seat Landis Theater.
“This development will transform an eyesore intersection into affordable residences of distinction and beauty,” added Lampart, “the kind of nice homes with amenities that our seniors deserve.”
Images courtesy of J.W. Pederson Architect P.C.