Residents of Ocean Towers, an affordable housing community serving the elderly and those with disabilities since 1973, gathered alongside city, state, and federal officials at a grand reopening ceremony hosted by The Michaels Organization to celebrate the grand reopening of their apartment community following an extensive rehabilitation.
“We are grateful to the Mayor, to the Jersey City Council, to the U.S. Department of Housing and Urban Development and to the entire community that supported the effort to revitalize and preserve Ocean Towers, which has provided affordable housing to Jersey City’s elderly for 45 years,” said Jonathan Lubonski, Vice President of Michaels Development.
Ocean Towers is a 10-story, 100-unit apartment community located at 425 Ocean Avenue in Jersey City, NJ. This renovation was a critical step in the continued revitalization of affordable housing in Jersey City over the past two decades.
"Ocean Towers is the quintessential example of HUD’s newfound priority to streamline efficient and effective services on the ground,” said Lynne Patton, HUD's Regional Administrator for New York and New Jersey. “By freeing up previous financial commitments and converting it to a Rental Assistance Demonstration (RAD) II Project, Ocean Towers residents now have a beautiful home with financial stability for years to come.”
Offering 81 one-bedroom apartments and 18 studios, Ocean Towers' extensive renovation included the installation of brand new, high efficiency window walls throughout the exterior and new building systems, including cooling and hot water. In addition, energy efficient LED lighting is now in all common areas, which also received new paint and luxury flooring. The community room received updates as did all common area bathrooms. A newly constructed ramp for accessibility is now located at front and rear entrance, and a new accessible van has been purchased to provide resident transposition.
Ocean Towers is located in the heart of Jersey City in very close proximity to numerous residential and commercial properties. Residents of the community have access to off-street parking as well as public transit that is located along Ocean Avenue and provides transportation to many nearby parks, schools, and the historic downtown area that features restaurants, shopping establishments, and cultural centers. Ocean Towers is less than one hour away from Manhattan by bus and 20 minutes away by car.
Financing for the $15.5 million renovation included a $6 million permanent loan from CitiBank as well as $4.5 million in private equity raised through the sale of Federal Low-Income Housing Tax Credits, which were syndicated by Riverside Capital. The project also benefited from a Seller Loan from The Michaels Organization in the amount of $3.5 million and an Interest Rate Reduction Decoupling Loan of $1.15 million provided by HUD. The New Jersey Housing and Mortgage Finance Agency provided a tax-exempt construction loan in the amount of $8 million.
The Michaels Organization's full service construction company, Prestige Building, served as general contractor.
Interstate Realty Management will continue to serve as the property manager for Ocean Towers, ensuring that the community remains a long-term asset to the neighborhood. Social Services are provided by Interstate’s strategic partner, the non-profit organization Better Tomorrows.