IRVINGTON – New Jersey Housing and Mortgage Finance Agency (NJHMFA) executive staff joined local officials and developer CB Cubed, LLC today to mark the completion of a major renovation of the Berkeley Terrace Apartments, a 152-unit affordable rental complex for families.
“We are pleased to add yet another renovated property to the growing list of options for individuals seeking decent, affordable housing in Essex County,” said Lieutenant Governor Sheila Oliver, who also serves as Commissioner of the Department of Community Affairs and Chair of the NJHMFA board. “The goal of partnering with developers to offer quality, affordable housing with ease of access to neighborhood amenities, schools and transportation is a statewide priority.”
The complex, located on Berkeley Terrace and Grove Street in Irvington, consists of one- to three-bedroom units in two-story, brick buildings.
NJHFMA provided the project with $17.5 million in construction and permanent financing and also awarded 4 percent Low Income Housing Tax Credits, which were expected to generate just over $8 million in private equity.
“These renovations served to significantly modernize these apartments, which will improve the quality of life for residents who live there and enhance the surrounding neighborhood,” said NJHMFA Executive Director Charles A. Richman. “Equally important, this project preserves housing that is affordable to working families in the community.”
Renovations included new kitchens and bathrooms, windows and exterior doors. The units were also repainted and upgraded with energy-efficient lighting fixtures. The building received updated hallway floors, painting and lighting as well as repointing of the exterior façade and gutter replacements. The building was also upgraded with high efficiency systems, the current entry gate was replaced and a remote monitored security system with camera was installed. A new playground and landscaping rounded out the renovations.
Most residents remained in place during the renovation work, with the exception of a few units temporarily relocated for about a week.
Berkeley Terrace Apartments, which are all project-based Section 8 units, are located in a residential neighborhood close to public transit bus stops as well as the Irvington Bus Terminal. The complex is close to schools, grocery and retail stores, and health facilities.
The development is NJHMFA’s latest significant undertaking in Essex County. In September, state officials and community leaders announced a $172 million rehabilitation project for Garden Spires and Spruce Spires, two Newark multifamily rental housing complexes housing over 650 units plagued by years of neglect and building code violations, and in August, announced the groundbreaking of Carrino Plaza Apartments, a mixed-used development to provide 60 affordable rental units and retail space in Newark.
In May, NJHMFA helped celebrate a ribbon-cutting for 280 Park Place in Irvington, a 114-unit mixed-income project that is the first part of a multi-phased redevelopment on the site of the former Irvington General Hospital. NJHMFA also marked the groundbreaking of 540 Broad Street, which will transform the historic New Jersey Bell building into a mixed-use, mixed-income development that includes 263 apartments, 20 percent of which will be affordable, and retail and office space.
CB Cubed, LLC is located in New York and is an affiliate of Candlebrook Properties, LLC, which develops, owns and operates multifamily properties in markets across the country.
“We are so appreciative to NJHMFA, Mayor Tony Vauss, HUD, Alliant Capital and R4 Capital for helping us improve the lives of our tenants,” said Joshua Levy and Neil Rubler, principals with CB Cubed. “This renovation has helped drastically improve an important piece of affordable housing, and we are thankful to have been part of it.”
For more information on NJHMFA programs, visit njhousing.gov.