Michaels Poised To Break Ground On Tavistock At Woolwich
FILED TO:
The Michaels Organization, a national leader in residential real estate, is poised to break ground on a new affordable housing community in Woolwich Township, in Gloucester County, NJ, following a successful financial closing in December. Tavistock at Woolwich will offer modern apartments, with great access to daycare, public transportation, schools, retail, grocery stores, and much more.
“We are excited to bring high-quality affordable housing to the Township of Woolwich,'' said Michaels Senior Vice President Nick Cangelosi, who is serving as lead developer. “We are grateful for the support of Mayor Frederick and the Township Committee as well as the New Jersey Housing and Mortgage Finance Agency, Berkadia and TD Bank to develop quality affordable housing in this high-opportunity neighborhood.”
Located at Tavistock Drive and Center Square Road, the community will take shape on what is now 10 acres of vacant land in a residential neighborhood in rapidly growing Gloucester County. Located near major thoroughfares, as well as community amenities such as shops, supermarkets, restaurants, a daycare center, and green space, Tavistock at Woolwich will offer 72 apartments across six, three-story walk-up buildings. Amenities will include a clubhouse that features a fitness room, computer lab, dining area with kitchenette, management offices, and supportive housing office space along with ample surface parking.
Financing for the $19 million development includes $10.1 million in private equity raised from the sale of federal 9% Low Income Housing Tax Credits allocated by the New Jersey Housing and Mortgage Finance Agency as well subordinate finance from The Township of Woolwich equal to $1.4 million, and New Jersey Housing and Mortgage Finance Agency permanent mortgage of approximately $5.2 Million. The development also benefited from NJHMFA’s Affordable Housing Gap Subsidy Program and NHMFA Special Needs Housing Trust Funds in amounts equal to $1.5 million and $750,000, respectively.
Other members of the development team include: Urban Practice, serving as the architect, and Michaels Construction serving as the general contractor. Resident Supportive Services will be provided by the Center for Family Services. Berkadia syndicated the tax credits, with TD Bank as the investor. TD Bank provided the construction loan. Michaels will serve as the property manager, ensuring that the Tavistock of Woolwich remains a neighborhood asset for years to come.
Construction is expected to last approximately 12 with the first units scheduled for late summer 2023.
Back to News Next article
