SB One Bancorp, the holding company for SB One Bank, announced its partnership in the development of the Saddle Brook Senior Housing which was just recently completed by the Housing Development Corporation (HDC), the non-profit arm of the Housing Authority of Bergen County.
SB One Bank provided $4.95 million in financing for the two-story senior citizen low-rise apartment building which is located at 29 Caldwell Avenue.
Additional project funding was provided by the New Jersey Housing and Mortgage Finance Agency (HMFA), Federal Home Loan Bank, the Township of Saddle Brook and the HDC.
“We are honored to be a part of this project as it rings true to our commitment to giving back to the communities that we serve,” said Anthony DeSenzo, Executive Vice President & Head of Commercial Banking at SB One Bank.
“Affordable housing is a commodity in Bergen County, and we are confident that the new development is not only necessary but will make a considerable difference in the lives of local residents.”
The property owned by the Township of Saddle Brook was leased to the HDC.
RSC Architects of Hackensack designed the building which features 30 one-bedroom apartments for senior citizens with incomes less than 50 percent of Area Median Income and six apartments for households that are homeless or precariously housed.