Donna Rendeiro, the New Jersey Housing and Mortgage Finance Agency’s chief of administration, spoke during a recent ceremony to debut the renovations at Berkeley Terrace Apartments in Irvington. — Courtesy: HMFA
By Joshua Burd
A developer has completed a major renovation of a 152-unit affordable rental complex in Irvington, thanks in large part to a state financing package.
The firm, CB Cubed LLC, joined officials from the New Jersey Housing and Mortgage Finance Agency on Tuesday to unveil the upgrades at Berkeley Terrace Apartments. The project has resulted in modernized apartments and improved common spaces at the property, which is a complex of two-story brick buildings at Berkeley Terrace and Grove Street.
“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 Lt. Gov. Sheila Oliver, who also serves as commissioner of the Department of Community Affairs and chair of the HMFA 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 agency provided CB Cubed with $17.5 million in construction and permanent financing, according to a news release. It also awarded the project 4 percent federal Low Income Housing Tax Credits, which were expected to generate just over $8 million in private equity.
The funding paved the way for upgrades such as new kitchens, bathrooms, windows and exterior doors, while each unit was repainted and updated with energy-efficient lighting fixtures, the news release said. The property also received refreshed hallway floors, painting and lighting as well as repointing of the exterior façade and gutter replacements.
Other improvements included high-efficiency systems, a new entry gate and a remote monitored security system, HMFA said. The developer has also added a new playground and landscaping.
“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 Charles A. Richman, the agency’s executive director. “Equally important, this project preserves housing that is affordable to working families in the community.”
Berkeley Terrace Apartments, which are all project-based Section 8 units, are located in a residential neighborhood close to public transit and the Irvington Bus Terminal. The complex is also close to schools, retailers and health facilities.
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,” Joshua Levy and Neil Rubler, principals with CB Cubed, said in a prepared statement. “This renovation has helped drastically improve an important piece of affordable housing, and we are thankful to have been part of it.”