Michaels Reaches New Milestone In Ablett Village Redevelopment
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The Michaels Organization, a national leader in residential real estate, is set to break ground on a new mixed-income senior living community in Camden, NJ, following a successful financial closing.
“We are excited to reach this latest milestone and, along with the City of Camden, The Housing Authority of the City of Camden, U.S. HUD, Camden Redevelopment Agency, and many other partners, to begin transforming this important and historic neighborhood, while bringing high-quality, affordable housing to seniors who call Ablett Village home,” said Michaels Vice President Nick Cangelosi, who is serving as lead developer.
The newly-constructed senior housing development is the second phase of Michaels’ transformative plans for William Stanley Ablett Village – the oldest public housing community in the city. Together, all four phases of the U.S. HUD Choice Neighborhood Implementation redevelopment effort of Ablett Village will provide existing and current residents with tremendous access to the robust community amenities throughout the Cramer Hill neighborhood.
Restricted to residents 62 years and older, the new development will sit on the now-vacant corner of Harrison Avenue and 24th Street in Camden. This location sets the 55-unit development just five minutes from Michaels’ Cramer Hill Family site, across from Harrison Park and The Salvation Army Kroc Center, and only blocks away from River Road, the main commercial artery that runs through the Cramer Hill Neighborhood.
Cramer Hill Senior will comprise 47 one-bedroom and 8 two-bedroom units serving residents earning 80% or less of the Area Median Income as well as providing market-rate units.
A community and management space, gym, and dedicated exam rooms for Virtua Health and for visiting nurses from the Rutgers School of Nursing will also be available for residents.
Financing for the new development includes funds from the $35 million HUD Choice Neighborhoods Implementation grant and equity from the sale of 9% Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency.
Additional members of the development team include architect Urban Practice, Syndicator Berkadia Tax Credit Services, and general contractor Michaels Construction. Michaels Management will serve as the property management company for Cramer Hill Senior and Better Tomorrows will provide social services.
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