Development of Ablett Village Phase 1 Marks Michaels’ Largest Single Phase of New Construction Affordable Housing in the City of Camden
March 26, 2025, Camden, NJ — The Michaels Organization, a national leader in residential real estate, announced today that it has successfully closed on the financing for the first on-site phase of Ablett Village, which will bring 78 new, energy-efficient, affordable townhomes in 11 buildings to Camden’s Cramer Hill neighborhood.
Ablett Village Phase 1 is the third phase of Michaels’ five-phase redevelopment plan for William Stanley Ablett Village, the oldest public housing community in Camden. It is also Michaels’ largest single phase of new-construction affordable housing in the city.
“This new development marks a momentous time in Camden’s history,” said Michaels Vice President Nicholas Cangelosi, who is serving as lead developer. “We could not be more proud to reach this latest milestone in the Ablett Village transformation, allowing us to continue Lifting Lives and providing high-quality, mixed-income housing right in our corporate hometown, alongside our trusted partners.”
Financing for the $38 million development includes a construction loan from TD Bank, a permanent mortgage from Berkadia Commercial Mortgage, equity derived from the syndication of 9% LIHTC’s provided by New Jersey Housing and Mortgage Finance Agency and purchased by Berkadia Affordable Tax Credit Solutions, and loan proceeds provided by US HUD through its Choice Neighborhood Implementation Program.
Previous phases of the Ablett Village transformation include Michaels’ Cramer Hill Family and Cramer Hill Senior (The Harrison) communities. Together, all phases constructed throughout the Cramer Hill community will provide existing and current residents access to high-quality housing options with robust community amenities.
Construction for Ablett Village Phase 1 has commenced. Along with Michaels Development, other members of the development team include Michaels Management Affordable, Michaels Construction, and Architect Urban Practice. Once completed, the community will offer supportive services coordinated by Better Tomorrows.
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About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in more than 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives. For more information, visit tmo.com.
