Real Estate Marketing & Beyond
Tredway, in collaboration with LIHC Investment Group and Leon N. Weiner & Associates (LNWA), and Sena Affordable Communities, an affiliate of L+M Fund Management, jointly disclosed today $68 million in financing for the preservation and redevelopment of Riverview Towers Apartments, a 225-unit senior-friendly and affordable rental community located in Camden, New Jersey. The acquisition will lead to an extension of the affordability agreement that currently regulates the property by an additional three decades, with an income threshold of 60% of the area median income (AMI).
LNWA initially constructed Riverview to provide affordable homes for seniors in 1977 at 130 Martin Luther King Boulevard. In addition to investing over $12 million in improving apartments, common areas, building systems, and outdoor space, the new partnership will implement a comprehensive wellness program for HUD-subsidized rent residents.
Creating positive change is paramount to our work and we are pleased to partner with like-minded, mission-driven owners who share our purpose and commitment to preserving affordable housing in a way that allows older adults to remain in their homes and thrive.
Will Blodgett, CEO & Founder of Tredway
We are excited to collaborate in providing long-term affordability, quality renovations, and comprehensive medical and social services to seniors in Camden. The revitalization of Riverview Towers, through a public-private partnership, will directly benefit vulnerable seniors with an array of supportive services that will help them age in place. We look forward to working together to preserve this critical housing for decades to come.
Josue Sanchez, Senior Vice President, Sena Affordable Communities
New restrooms incorporating water and energy-efficient fixtures and accessibility features; updated kitchens outfitting residents with energy-star appliances, plumbing fixtures, cabinetry, and countertops; and renovated corridors adorned with LED lighting, flooring, and signage. Amenity enhancements comprise the construction of a new beauty salon and fitness center in the building's community room and the installation of new outdoor seating, picnic areas, and landscaping. A roof replacement and elevator modernization will also be performed on the property.
To promote the practice of aging in place, CAMcare Health Corporation, a nonprofit medical provider, will furnish residents with comprehensive preventative health services. In addition to blood pressure screenings, vaccinations, and Medicare/Medicaid enrollment assistance, the services provided encompass COVID-19 testing. Another advantage for residents is providing a committed resident service coordinator by Better Tomorrows, a nonprofit organization that delivers influential services to communities facing financial hardship. The provided services encompass a range of initiatives that seek to mitigate social isolation and cultivate a sense of community among seniors. These include physical fitness programs, financial literacy education, arts and crafts, and curated activity programming.
Raymond James is providing low-income housing tax credits, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) is issuing tax-exempt bonds, Rockport Mortgage Corporation is facilitating a HUD 221(d)(4) mortgage, and TD Bank is providing construction financing for the acquisition and preservation. The City of Camden furnished supplementary project assistance.
