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Riverview Towers Apartments at 130 Martin Luther King Blvd. in Camden — Courtesy: Sena Affordable Communities/Tredway
By Joshua Burd
An investment group has closed on $68 million in financing to acquire and modernize a 225-unit affordable housing property near the Camden waterfront.
The buyers, Sena Affordable Communities and Tredway, say they plan to invest more than $12 million to improve the Riverview Towers Apartments at 130 Martin Luther King Blvd. As a result of the acquisition, the affordability agreement governing the senior housing property will be extended for another 30 years at an income limit of 60 percent of area median income.
Sena Affordable Communities is an affiliate of L+M Development Partners, a firm known for several high-profile market-rate and affordable projects in Newark and northern New Jersey. The deal marks the first acquisition in Camden for both firms, which announced the plan this week in partnership with LIHC Investment Group and Leon N. Weiner & Associates.
“We are excited to collaborate in providing long-term affordability, quality renovations and comprehensive medical and social services to seniors in Camden,” said Josue Sanchez, a senior vice president with Sena Affordable Communities. “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.”
Leon N. Weiner & Associates is the original developer of the 47-year-old property, according to a news release. The project by the new partnership will improve apartments, common areas, building systems and outdoor space, while implementing a comprehensive wellness program for residents, all of whom pay federally subsidized rents.
Plans also call for enhancements to the community room, including a new fitness center and beauty salon, along with new outdoor picnic and seating areas and landscaping. The property will also undergo a roof replacement and elevator modernization.
“We are thrilled to improve Riverview Towers for its many longtime senior residents while bringing new services, green space and community-building activities to the property,” said Will Blodgett, CEO and founder of Tredway. “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.”
To support aging in place, residents will have access to extensive preventative health services through CAMcare Health Corporation, a nonprofit medical provider, the news release said. Services include COVID-19 testing, blood pressure screenings, vaccinations, assistance with Medicare/Medicaid enrollment and case management. They’ll also have access to a dedicated resident service coordinator provided through Better Tomorrows, a nonprofit that provides impactful services to low-income communities, including food assistance and nutrition counseling, physical fitness programs, financial literacy, arts and crafts, and curated activity programming aimed at reducing social isolation among seniors and fostering a sense of community.
The buyers are financing the acquisition and preservation with Low-Income Housing Tax Credits provided by Raymond James, tax-exempt bonds issued by the New Jersey Housing and Mortgage Finance Agency, a HUD 221(d)(4) mortgage facilitated by Rockport Mortgage Corp. and additional construction financing by TD Bank. The city of Camden will provide additional project support.
In announcing the deal, Sena and Tredway noted that Riverview Towers has studios and one-bedroom units with views of the Delaware River. The property is close to Cooper University Hospital and has a one-story commercial space with a supermarket and medical office run by CAMcare Health.
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