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.
