Mayor City Officials Join Executives From The Michaels Organization To Celebrate Start Of New Affordable Housing Community In The Borough Of Saddle River
FILED TO: What's New
A ceremonial groundbreaking hosted by The Michaels Organization and headlined by Mayor Albert J. Kurpis was held today for The Residences at Choctaw, a new affordable housing community being developed by Michaels in Saddle River. The new community will offer high-quality affordable apartments to a broad range of households with low and moderate incomes, in one of the richest neighborhoods in Bergen County.
“The collaboration between the Borough of Saddle River and The Michaels Organization stands as a testament to what we can achieve when we work together with shared vision and purpose,” said Saddle River Mayor Albert J. Kurpis. “[This development] represents our commitment to progress and inclusivity and the wellbeing of our community. We are not just building structures here; we’re nurturing the growth of Saddle River by creating an environment where many new residents will have an opportunity to thrive."
Designed as a three-story stacked garden community, The Residences at Choctaw will offer 111 spacious apartments in one-, two-, and three-bedroom layouts with a variety of indoor and outdoor amenities.
“We are very proud to be able to bring this much-needed affordable housing to Saddle River and Bergen County during a time when housing costs are at a historic high,” said Michaels’ Managing Vice President Jonathan Lubonski, who is serving as the lead developer. “We thank the Borough leadership as well as our financial partners for their support of this important development.”
All of the apartments will be designated for households earning less than 60 percent of the Area Median Income (AMI), with 20 percent of the units available to those earning no more than 30% AMI.
Amenities will include a community room with a warming kitchen, manager's office, maintenance space, fitness center, and a multipurpose room, where social services will be offered. The community will also feature a basketball play area, outdoor seating areas with walking trails, a tot lot, and on-site parking.
Financing for the development comes from a variety of sources, including private equity raised through the sale of 9 percent federal Low Income Housing Tax Credits, allocated by the New Jersey Housing and Mortgage Finance Agency. NJHMFA also provided Affordable Housing Gap Subsidy funds. Affordable Housing Funds were also provided by the Federal Home Loan Bank of New York, and Housing Trust Funds were provided by Saddle River. Berkadia Affordable Tax Solutions syndicated the tax credits. TD Bank provided the construction loan and M&T Realty Capital Corporation provided the permanent mortgage.
In addition to Michaels, the development team includes Project Architect Urban Practice and PS&S as the Civil Engineer. Michaels Construction is serving as the General Contractor. The community will be managed by Michaels, ensuring that it remains a high-quality asset to the community for years to come.
For more information about The Residences at Choctaw Trail click here.
Shared April 5, 2024.
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