Hamilton Square Apartments at 20 and 21 Mill St. in Paterson — Courtesy: WinnCompanies
By Joshua Burd
A joint venture has kicked off its renovation of a newly acquired, 68-unit affordable housing property in Paterson that it says will result in updated homes for a host of community members.
The buyers, WinnCompanies and co-developers Daryll Tyson and Owen Tonkins, are slated to invest $7.5 million to rehabilitate what’s known as Hamilton Square Apartments at 20 and 21 Mill St. They say the year-long occupied rehabilitation will substantially improve units and common spaces at the 26-year-old, mill-style property, which includes two abutting low-rise brick buildings, including a portion of the 165-year-old historic Hamilton Mill.
The investors plan to:
- Address deferred maintenance concerns, including building code issues and failing HVAC systems
- Renovate all apartments, including 24 currently uninhabitable units
- Add ADA-accessible apartments and common areas
- Create new nonprofit and community meeting spaces for residents and local service providers
- Upgrade elevators and mailbox areas
- Install new access controls and security features
- Update landscaping, parking lots, lighting, fencing, signage and dumpsters and trash enclosures
The modernized homes will serve a renter pool that includes low-income families, seniors, disabled individuals, households at risk of homelessness and military veterans.
“We’re pleased to have the opportunity to return this important affordable housing to the quality standards that residents expect and deserve,” WinnDevelopment Senior Vice President David Ginsberg said. “Thanks to the support from our public- and private-sector partners, this community will remain affordable for the long term with a significantly improved quality of life for current and future residents.”
In a news release, the partnership noted that Hamilton Square includes studio, one-bedroom and two-bedroom apartments in the city’s Great Falls Historic District. All units will be preserved for households earning no more than 50 or 60 percent of the area median income, while seven will have a lease preference for formerly homeless and at-risk veterans and their families.
“We would like to thank Paterson Mayor André Sayegh, his administration and the City Council for their continued support,” said Tyson of ART-JIUS Enterprises, speaking on behalf of himself and his business partner Tonkins. “Paterson needs affordable housing, and we intend to keep our promise of delivering affordable and quality housing.”
Financing for the acquisition and rehabilitation includes:
- Federal Housing Authority financing through Lument
- Short-term construction bonds and 4 percent Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency
- LIHTC and historic tax credit equity from Boston Financial
- Economic Redevelopment and Growth program tax credits awarded by the state Economic Development Authority
- ERG equity placed by Fallbrook Capital
- A bridge loan from New Jersey Community Capital and BlueHub Capital
- HOME and HOME American Rescue Plan funds from the city of Paterson
The Hamilton Square property is across the street from Mill Street Square, a recently completed WinnDevelopment project that was also built in partnership with Tyson and Tonkins, both Paterson natives. It opened in October with 74 units of affordable housing, 52 of which are targeted to multigenerational households with grandparents raising their grandchildren and earning less than 50 percent of AMI.
Both communities are operated by WinnResidential, the property management arm of WinnCompanies.
“The Hamilton Square project, following the recent opening of Mill Street Square, underlines our commitment to community revitalization in Paterson and the development of affordable and mixed-income housing in New Jersey as whole,” said Larry Curtis, president and managing partner of Winn Development. “We look forward to working with community leaders and state housing officials to keep the momentum going.”
The renovation plan will also create rent-free office space for two nonprofit organizations that will deliver services and programming to meet resident needs — Yo Soy Asi, a Paterson nonprofit serving disabled children and their families, and Soldier On, a national nonprofit providing case management services to veterans and their families.
“The board members, families and children from Yo Soy Así are indeed excited and express our gratitude to WinnDevelopment and all parties involved in this project for their generosity and thoughtful support,” said Guerlina De La Hoz, co-founder and CEO of Yo Soy Así. “After so many years without our own office space, we will now have a beautiful place in the heart of Paterson to call home, where the people we serve, children with disabilities and their families, can come to find bilingual resources. We can’t be happier.”
OA Peterson Construction Company is the general contractor on the Hamilton Square project, working alongside MG New York Architects. Renaissance Groups will lead the effort to recruit local and minority- and women-owned businesses for construction.
PS&S is providing civil engineering services with Powers Co. serving as the project’s historic consultant, the news release said. Berman Indictor served as legal counsel on the transaction.
