Affordable package deal will save Jersey homes

A $14 million finance package has been secured for the preservation of Cooper Plaza Townhomes, an affordable housing community in Camden, New Jersey.

All 64 townhouses will remain permanently affordable, serving households who earn less than 80 percent of the Area Median Income.

Developer, The Michaels Organization. will carry out rehabilitation to modernize the interiors and exteriors.

Financing for the venture includes $4.1 million in private equity raised from the sale of federal Low Income Housing Tax Credits and $6.8 million in permanent conduit bond financing, both allocated by the New Jersey Housing and Mortgage Finance Agency.

The New Jersey Department of Community Affairs provided $1.6 million in assumed mortgage funding and Camden County provided $300,000 in Trust Funds to the preservation.

Additional funding includes a $6.9 million construction loan from TD Bank, a $3.1 million permanent mortgage provided by Berkadia and Fulton Bank invested in the tax credits, which were syndicated by Riverside Capital.

Brian Gallagher, Vice President at TD Bank said, This project further enhances the bank’s commitment to support low and moderate-income families by helping to build and sustain strong communities where people of all incomes can achieve their full potential.”