Tredway and LIHC Investment Group joined federal and local officials recently to showcase newly competed renovations at Forest Hill House, a 99-unit affordable senior housing property at 505 Mount Prospect Ave. in Newark. — Courtesy:
By Joshua Burd
Tredway and LIHC Investment Group have completed their renovation of a nearly 50-year-old senior housing complex in Newark, part of a project that also extended the affordability of its 99 apartments for another 30 years.
The firms joined federal and city officials last month to unveil the project at Forest Hill House, which included extensive upgrades of outdated systems to enhance residents’ quality of life and connectivity. It also comprised renovations of apartment kitchens, bathrooms and other spaces to make them ADA-accessible and updates to common areas such as the building’s 1,000-square-foot patio, which has new furniture and landscaping, while the developers added some 300 square feet of enclosed outdoor space.
Tredway, an affordable and mixed-income real estate developer, and LIHC, one of the nation’s largest owners of affordable housing, acquired and began the $42 million update of the property in 2024.
“After its first major renovation in nearly 50 years, Forest Hill House now provides residents with the high-quality housing they deserve and that enables them to age with dignity,” said Will Blodgett, CEO and founder of Tredway. “With exceptional amenities and services, this is a space designed to foster connection, vitality and comfort, and by maintaining affordability, we’re giving residents stability and the reassurance that they can remain in their homes for years to come. As we’ve done at Forest Hill House, our team is committed to protecting vulnerable populations and preserving their communities nationwide.”
Andrew Gendron, a principal with LIHC Investment Group, added: “The preservation and rehabilitation of Forest Hill House reflects our long-term commitment to ensuring affordable housing is not only maintained but improved to meet the specific needs of our residents. These enhancements are designed to strengthen resident support systems, promote wellbeing, and reduce barriers to care through on-site services our seniors can rely on. We are especially grateful to HUD for supporting this important preservation effort, and to Tredway for their collaboration in delivering this result for our residents and the broader community.”
The firms debuted the new-look property in mid-May during a ceremony that drew U.S. Department of Housing and Urban Development officials Michael Browder, deputy regional administrator, and Dean Santa, asset management division director, as well as Newark Councilman Anibal Ramos Jr. That followed a project that was financed with a permanent loan from Rockport Mortgage Corp. through New Jersey Housing and Mortgage Finance Agency conduit bond issuance and 4 percent Low-Income Housing Tax Credit equity provided by Regions Affordable Housing and BNY.
It also used owner equity and tax credits under the state’s Aspire program, making it one of the first instances of Aspire being used to finance the acquisition and renovation of a LIHTC project, as well as one of the first such projects completed in Newark, according to a news release. Affordable Housing Institute Inc. is the nonprofit partner, while SHP Management and Inglese Architecture + Engineering are the property manager and architect, respectively.
“I want to thank Tredway for making these renovations, allowing residents to continue living in safe, modern and affordable homes that support our seniors’ dignity, independence and quality of life,” Ramos said. “By preserving affordability for decades to come and investing in services and amenities for seniors, this effort strengthens both the building and the community around it.”
New Jersey Economic Development Authority CEO Evan Weiss added: “The renovation of the Forest Hill House in Newark exemplifies the power of public-private partnerships in expanding affordable housing options, improving quality-of-life for residents and strengthening neighborhood vitality. Through the Aspire Program, Governor Sherill and the NJEDA are making meaningful investments into projects that will have a transformative effect on local communities, helping improve the lives of New Jerseyans across the state.”
With affordability at all apartments extended for another 30 years, the developers are targeting low-income households earning 60 percent of the area median income. Those renters now have access to amenities meant to improve health and wellbeing and foster connectivity, including an on-site doctor’s office, nursing station, beauty station, fitness and mobility room and free community wide Wi-Fi, while partnerships with Northward Senior Transportation and Mount Prospect Partnership have expanded resident services to include local trips and transportation, holiday food giveaways and fire and life safety training.
To maximize energy efficiency throughout the property, roof boilers and emergency generators were replaced, and all lighting was converted to LED, the news release said.
“This development is building a stronger community by preserving and enhancing access to high-quality affordable housing for people who are a part of the fabric of Newark and wish to remain a vital part of their city and their neighborhood,” said Mary O’Connor, senior vice president and Regions Affordable Housing relationship manager. “Forest Hill House reflects our shared commitment to expanding access to safe, high-quality housing. The redevelopment of Forest Hill House will help strengthen the Newark community and improve quality of life for the seniors who call it home.”
Forest Hill House is Tredway’s second acquisition in New Jersey, following the purchase of the Riverview Towers Apartment in Camden with Sena Affordable Communities, an affiliate of L+M Fund Management. Riverview Towers Apartments comprises 225 senior-friendly and affordable apartments, which Tredway recently renovated while extending affordability for 30 years at 60 percent of the area median income.
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