76-Unit Affordable Age-Restricted Housing Development to Bring Much-Needed Housing to Cherry Hill, NJ
The Michaels Organization, a national leader in residential real estate, announced today that it has successfully closed on the financing for Park Village at Garden State Park, a new 76-unit affordable age-restricted housing community in Cherry Hill, New Jersey.
The housing development will provide high-quality affordable rental apartments for residents 55 and older in the heart of Garden State Park, the landmark mixed-use development in South Jersey featuring over 1,200,000 square feet of retailers and restaurants adjacent to luxury townhomes, apartments and condominiums.
The project represents a significant step in bringing safe, decent, and high-quality affordable housing options to one of the region’s premier suburban municipalities.
“Park Village at Garden State Park embodies our commitment to creating housing solutions that lift lives and transform communities,” said Jonathan Lubonski, Managing Vice President of Development & Operations at The Michaels Organization. “This development will offer residents an unparalleled living experience with access to top-tier amenities and transportation, demonstrating that affordable housing can and should be integrated into high-opportunity areas.”
Key features of Park Village at Garden State Park will include:
- 70 one-bedroom and 6 two-bedroom apartments for residents 55 years and older
- Approximately 2,500 square feet of community space
- On-site property management and social services
- Energy-Star Certified construction featuring efficient appliances and systems in all units
- Walkable access to a multitude of shopping, dining, and public transportation amenities
The development is financed with equity from the sale of 4% Low-Income Housing Tax Credits, tax-exempt financing from NJ HMFA, Affordable Housing Production Funds from NJ HMFA, Camden County HOME Funds, and Cherry Hill Township Affordable Housing Trust Funds.
Park Village will provide housing affordable to a broad mix of incomes, with 50% of the apartments available to very low- and low-income households, the remaining available to moderate-income households. Five units are reserved for residents with special needs. The Michaels Organization will partner with Better Tomorrows, a New Jersey-based social services organization, to provide comprehensive support services.
“This project is a testament to the power of public-private partnerships in addressing the critical need for affordable age-restricted housing,” added Lubonski. “We’re grateful for the support of Cherry Hill Township, Camden County, and the State of New Jersey in bringing this vision to life.”
Construction on Park Village at Garden State Park is expected to begin in September 2024, with completion anticipated in November 2025.
Shared September 6, 2024.
