Englewood Cliffs, NJ., Feb. 20 —Mayor Mark Park, joined by other officials from the Borough of Englewood Cliffs, alongside their private sector development partner, The Michaels Organization, gathered to celebrate the grand opening of The Cliffs on Hudson, a new housing community offering affordable living to families with low and moderate incomes.
The community, located in a prime location near transit and other amenities including medical and entertainment facilities, attracted overwhelming interest in the neighborhood and is already at full occupancy with a waiting list.
“The Cliffs on Hudson represents the first purpose-built affordable housing development in Englewood Cliffs,” said Mayor Mark Park. “As a 100 percent income-restricted community, this project reflects a deliberate and responsible approach to meeting our state housing obligations. Today represents more than the completion of a building, it represents true collaboration between the private sector, state partners, financial institutions, and our local government, all working together to deliver quality housing opportunities in our community,” the Mayor said.
“Projects of this scale do not happen by accident. They require vision, persistence, and leadership at every level. I want to thank the leadership and team at The Michaels Organization as well as all partners, municipal staff, and governing body members past and present for their professionalism and commitment throughout this process. From the outset, our focus has been on ensuring the development is well-planned, properly constructed, and professionally managed, consistent with the standards our residents expect. Under this administration with the support of my fellow Councilmembers, we have remained committed to balancing growth with character, meeting our state obligations while protecting the integrity of our community and ensuring projects move forward in a way that benefits both current and future residents. We are proud to see that vision realized here today,” Mayor Park added.
Serving families earning 60 percent or less of the Area Median Income, the $25 million development features 66 apartment homes across two mid-story buildings. The generous floorplans, available in one- to three-bedroom layouts offer modern features, including sustainable flooring, and energy-star appliances. Residents also enjoy access to the community’s amenities, which include a fitness room, laundry rooms, bike room, tot lot, and a multipurpose community room.
“We are very grateful to the Borough’s leadership for the opportunity to serve as the private sector development partner, bringing this essential housing to this high opportunity area,” said Jonathan Lubonski, Michaels’ Executive Vice President of Development. “ Together, the Borough and Michaels are able to showcase how modern, well-planned and beautifully designed affordable housing can benefit not just our residents, but all those who call Englewood Cliffs home.”
Speakers at the ceremonial ribbon-cutting also included Terry Tucker, Chief of Staff at the New Jersey Housing and Mortgage Finance Agency and Ariana Durkovic, from the Federal Home Loan Bank of New York’s Community Investment Operations.
A resident who spoke on behalf of the community, said she was thrilled with the community, including the convenient location, the opportunity to send her son to the excellent elementary school nearby, and the social activities that are part of resident life at the Cliffs on the Hudson.
The $25 million development was designed by Urban Practice, a leading architecture and design firm based in Camden, and a frequent partner to Michaels on affordable housing communities.
Financing was made possible by raising private equity from the sale of Federal Low-Income Housing Tax Credits allocated by the New Jersey Housing and Mortgage Finance Agency and syndicated by Berkadia. TD Bank provided the construction loan and M&T Realty Capital Corporation provided the permanent first mortgage. The development also benefitted from NJHMFA’s Affordable Housing Production Funds, Federal Home Loan Bank of New York’s Affordable Housing Program Funds, and Municipal Funds from the Borough of Englewood Cliffs.
Michaels will provide property and asset management, ensuring that the Cliffs on the Hudson remains a valuable community asset for years to come.
–Posted Feb. 24, 2026
