Executives with Ingerman, Peapack-Gladstone Bank and other partners break ground at The Residences at Symphony Hall, a 60-unit affordable rental community Newark — Courtesy: Peapack-Gladstone Bank
By Joshua Burd
New affordable housing projects are coming to Essex and Burlington counties with the help of a loan program sponsored by Peapack-Gladstone Bank, the financial institution said recently.
The projects include a four-story, 60-unit development in Newark and a 72-unit community in Westampton, Peapack-Gladstone announced. The bank is providing loans of $525,000 and $355,000, respectively, to Ingerman, a Collingswood-based multifamily developer.
Peapack-Gladstone is supporting the low- and moderate-income housing developments through the Federal Home Loan Bank of New York.
The Newark project will be known as a The Residences at Symphony Hall, according to a news release. Approved through the 2016 Affordable Housing Program, the plans call for 20 one-bedroom and 40 two-bedroom low-income units at 359-407 Halsey St.
Fifteen units will be allocated for residents with special needs, six units for individuals with mental illness and nine for homeless individuals with a disability, the news release said. The remainder of the units will be marketed to the growing artistic community.
The second Federal Home Loan Bank AHP sponsorship is supporting the development of The Willows at Westampton, Peapack-Gladstone said. The 72-unit project consists of six three-story residential buildings — with a set-aside of five special needs units for formerly homeless individuals — and one standalone community building.
