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Construction & Design Finance

Developer closes on $23M construction loan for veterans housing venture

WinnDevelopment and the non-profit group for homeless veterans, Soldier On, have secured $23 million financing to build a new apartment community in New Jersey.

The Gordon H. Mansfield Veterans Village in Tinton Falls will feature a four-story building with 70 one-bedroom apartments that will be available at a range of income levels, some of which will be set aside for homeless veterans.

The community will be built on a wooded 12-acre site on Essex Road in Tinton Falls and will include a community room, offices, mail area, common laundry, and an exterior courtyard with benches and grills.

“This is an important milestone in the long-held goal to build a veterans village at this site,” said Larry Curtis, president and managing partner of WinnDevelopment. “We appreciate the deep support this project has earned from so many public and private officials. We are excited to get construction underway.”

Financing for the $23 million project is being provided by the NJHMFA, which will provide construction and permanent financing from the Agency Revenue Bond Financing Program and a subsidy mortgage loan commitment from the NJHMFA’s Multifamily Rental Housing Production Fund; low-income housing tax credit equity provided by Bank of America; a subordinate mortgage from Federal Home Loan Bank New York Affordable Housing Program; HOME funds from Monmouth County, NJ; project-based rental assistance from the New Jersey Department of Housing Assistance; and, a deferred developer fee.

The community will be named for the late Gordon H. Mansfield, a highly decorated Vietnam War veteran and Pittsfield native who served as Deputy Secretary of Veterans Affairs, as well as Assistant Secretary for Fair Housing and Equality Opportunity at the Department of Housing & Urban Development.

The Borough of Tinton Falls donated the property for the project. Construction is expected to begin this summer. V.J. Scozzari & Sons, Inc., of Pennington, NJ, will serve as the general contractor; PS&S Architecture & Engineering, of Cherry Hill, NJ, will serve as the architect and civil engineer; Gibbons P.C. will serve as local counsel and, Berman Indictor of Philadelphia, PA, will serve as counsel for the transaction. WinnResidential, the property management arm of WinnCompanies, will manage the community when it is for completed.

In addition to its role as a co-owner, Soldier On, based in Pittsfield, MA, will provide supportive services and case management for homeless veterans at the community.

The project will be the organization’s first supportive services housing development outside Massachusetts and its seventh housing facility for veterans since it was founded in 1994.

The project comes months after WinnDevelopment completed The Residences at Brighton Marine, a mixed-income community in Boston that provides 102 units housing and supportive services for veterans and their families. Soldier On provides supportive services and case management at a 25-unit permanent housing facility on the Brighton Marine campus.

WinnDevelopment’s other affordable housing developments in New Jersey include City Crossing, a 131-unit property in Jersey City; Ivy Square, a 156-unit community in Bridgeton; and, Sencit Liberty, a 153-unit property in Atlantic City. 

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