CINNAMINSON TOWNSHIP, NJ (October 26, 2018) — Officials from Moorestown Ecumenical Neighborhood Development (MEND) and its joint-venture development partner, Conifer Realty, LLC and Cinnaminson Township recently held a groundbreaking ceremony for a 54-unit affordable rental senior housing community on Riverton Road in Cinnaminson.
Located on the site of the former Cinnaminson Home on Riverton Road, the new community will provide below-market rental units for low and moderate income-eligible senior citizens and adults with special needs aged 62+. The 2.7-acre property was previously owned by Cinnaminson Township who designated MEND as the developer. Occupancy is expected in late fall 2019.
“It’s been a long road working on the development of this project, and we’re excited the time has finally come to officially start construction,” said Matt Reilly, President and CEO of MEND. “We truly appreciate Cinnaminson Township’s support during this process and look forward to providing more affordable rental housing options to seniors in our community.”
Fifty-three one-bedroom apartments and one two-bedroom unit will be situated in a new construction three-story building. Units will be equipped with Energy Star-rated appliances and light fixtures, high-efficiency heating and cooling systems and water-saving plumbing features. Each unit will include full kitchens, living and dining room areas, full baths, generous bedrooms and ample closet space.
The former Cinnaminson Home, which was in very poor physical condition, was demolished to make way for the new construction. In keeping with both state and federal guidelines, architectural historians have fully photographed/documented the 100+ year-old structure. These building photos, story boards and plaques will be prominently displayed within the new building so that the rich history of the site can be preserved.
According to Charles M. Lewis, Senior Vice President, Conifer Realty, LLC, “The photography and historical research of the site allows us to preserve the story of the Cinnaminson Home, which has been an important part of the lives of so many people in the region.”
The roughly $12.9 million project is being funded through Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency (HMFA), HOME Funds from Burlington County, Construction financing from TD Bank and Permanent mortgage from CDT Bank.
Getting ready to celebrate its 50th Anniversary in 2019, Moorestown Ecumenical Neighborhood Development, Inc. (MEND) is a private, nonprofit, housing development organization founded by several Moorestown churches in 1969. MEND is a national and state award-winning developer dedicated to providing safe and affordable rental housing to senior citizens, disabled persons, and families of low and moderate income. MEND has developed 718 residential units at 29 locations in the Burlington County region. Over the last five decades, MEND’s affordable housing production efforts have represented a $150 million real estate investment in the region. Please visit www.mendinc.org for more information.
About Conifer Realty, LLC
Conifer Realty, LLC is a full-service real estate company specializing in the development and management of high-quality, affordable housing communities. Since its inception, the company has developed and/or acquired over 230 properties and over 17,300 apartment units. Conifer concentrates its business in New York, New Jersey, Maryland and Pennsylvania. The company currently owns and manages over 13,000 apartment units throughout these regions. Please visit www.coniferllc.com for more information.
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