May 20, 2024

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New Senior Community in New York City Offers Affordable Housing for Seniors

2 min read

This property is part of the second phase in the redevelopment and repurposing of an old hospital.

Hilltop Partners Senior Urban Renewal LLC opened Hilltop Senior Apartments in Irvington (N.J.), a 94 unit, partially affordable, age-restricted apartment complex. The property is primarily for seniors over 55 years old and consists of approximately 69 units.

The senior living community is the second phase of Hilltop Redevelopment. This private-public partnership has been formed to renovate the former Irvington General Hospital. The renovated property, designed Perkins Eastman by Perkins Eastman will include more than 600 units of residential housing in five buildings. There will also be 18 duplexes, and two-family homes. The first phase consisted of the construction of a 5-story community with 115 units.

New senior community in Northern New Jersey

Hilltop Senior is designed to achieve LEED Silver certification. It includes studios and 1-bedroom apartments that include interior features like stainless steel appliances, double pane windows, and digital locks. The common areas include a fitness room, a community space, a health care suite, a bicycle room, an outdoor patio and six laundry facilities. Residents will be served by the Senior Independent Living Program of New Jersey Housing Mortgage Finance Agency and Catholic Charities Archdiocese of Newark.

The six-story building at 280 Park Place is located in a neighborhood with a variety of retail and dining establishments. Northern New Jersey is located near the Garden State Parkway, Interstate 78 and the New York City metropolitan region.

Yardi Matrix’s data shows that the development of this property was financed by HMFA’s low-income tax credits (9%) and a $21.6m construction loan from JPMorgan Chase. Capital One, Federal Home Loan Mortgage Corporation, and Raymond James Affordable Housing Investments were also financing partners.

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