A rendering of a new 54-unit affordable senior housing complex at 1410 Riverton Road in Cinnaminson — Courtesy: New Jersey Housing and Mortgage Finance Agency
By Joshua Burd
Developers have started construction on a new 54-unit, age- and income-restricted rental community in Cinnaminson, their seventh joint venture in southern New Jersey.
The firms, Moorestown Ecumenical Neighborhood Development and Conifer Realty LLC, broke ground last week on the $12.9 million project at 1410 Riverton Road. Delivery is slated for next fall, with plans calling for mostly one-bedroom units that are designated for low- and moderate-income senior citizens and adults with special needs.
The project is bringing new life to the former site of the Cinnaminson Home — a historic dwelling that served orphans, unwed mothers and other members of the community — thanks in part to a subsidy package from the county and state.
“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, CEO and president of Moorestown Ecumenical Neighborhood Development, or 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.”
The township previously owned the 2.7-acre property before designating MEND as the developer. To fund the project, the state Housing and Mortgage Finance Agency has provided 9 percent federal Low Income Housing Tax Credits that are expected to generate $9.9 million in private equity.
Other funding includes $440,000 in Burlington County HOME Funds, a $505,000 mortgage from Cinnaminson Township and a $1.2 million mortgage loan from the Community Development Trust. TD Bank is providing construction financing.
The new three-story building will be equipped with Energy Star-rated appliances and light fixtures, high-efficiency heating and cooling systems and water-saving plumbing features, according to a news release. Each unit will include full kitchens, living and dining room areas, full baths, generous bedrooms and ample closet space.
“We appreciate Cinnaminson Township’s cooperation and diligence on this project, and we’re proud to continue our long-standing relationship with MEND,” said Charles M. Lewis, senior vice president with Conifer Realty LLC. “The end result of our partnership will be an affordable community for senior residents that Cinnaminson can be truly proud of.”
The project is the seventh joint venture by the Mount Laurel-based Conifer Reality LLC and MEND, a 50-year-old nonprofit housing organization, to receive support from the HMFA. The other projects span locations in Marlton, Deptford, Westville, Egg Harbor City, Florence, Burlington Township and Medford.
“This development will enable older adults to age in place, and also provides housing and services for homeless seniors,” said Charles A. Richman, the HMFA’s executive director. “We are proud to once again to be working with Moorestown Ecumenical Neighborhood Development Inc. and Conifer Reality to expand affordable housing opportunities in New Jersey.”
