Victory Commons will bring high-quality, attainable housing for families to one of Camden County’s most desirable communities.
The Michaels Organization, a national leader in residential real estate with full-service capabilities in development, property management, construction, and investment, has achieved a financial closing on Victory Commons, a new affordable housing community that will bring 81 affordable apartment homes to Voorhees, NJ. The closing occurred on June 26.
“Voorhees Township ranks amongst Camden County’s most sought-after communities to live and raise a family,” said Michaels’ Senior Vice President Nick Cangelosi, who is serving as the lead developer. “It is an honor to bring affordable housing to this community and it would not be possible without the unwavering support of our many partners.”
Victory Commons is located within walking distance to two elementary schools, a public playground, a public park, community garden, municipal offices, a daycare, and several retail stores and restaurants. The site also allows for easy commute by car or rail to Philadelphia, Atlantic City, and New York City via NJ Route 73, White Horse Pike, and the PATCO Lindenwold High-Speed Line.
The community will feature nine two-story walk-ups with ample parking, a clubhouse, and other amenities. Apartment homes will be offered in a mix of one-, two-, and three-bedroom floorplans. Units will be income-restricted to households earning 60% or less of the area median income.
Financing for the $30 million development includes $9.2 million in private equity raised through the sale of federal Low Income Housing Tax Credits allocated by the New Jersey Housing Finance Agency. NJHFA also provided a $5 million permanent mortgage, as well as $10 million in Housing Production Loan funds, and $750,000 through its Special Needs Housing Trust fund. The development also benefited from a $1.8 million HOME Investment Partnership Loan provided by the County of Camden.
The Victory Commons development team also includes architects and designers Urban Practice and PS&S.
