On Tuesday, Camden officials, community leaders and residents joined The Michaels Organization to celebrate the grand re-opening of Cooper Plaza Historic Homes.
Cooper Plaza is a townhouse community that has provided affordable housing to Camden’s working families for decades. $14 million was invested to bring significant upgrades to the community’s 64 units, which will remain permanently affordable to households earning less than 80 percent of the Area Median Income.
Financing for the rehabilitation and preservation of Cooper Plaza includes $4.1 million in private equity raised from the sale of federal Low-Income Housing Tax Credits and $6.9 million in permanent conduit bond financing, both allocated by the New Jersey Housing and Mortgage Finance Agency. The New Jersey Department of Community Affairs provided $1.6 million in assumed mortgage funding, Federal Home Loan Bank of New York provided a $970,000 Affordable Housing Program loan, and Camden County provided $300,000 in Trust Funds to the preservation.
Additional funding includes a $3.1 million permanent mortgage provided by Berkadia and a $6.9 million construction loan from TD Bank. Fulton Bank invested in the tax credits, which were syndicated by Berkadia.
Camden Mayor Frank Moran, Freeholder Carmen Rodriquez, The Michaels Organization, and TD Bank joined other partners and community leaders to celebrate.
“We are so grateful to the city’s leadership for their support and their commitment to preserving affordable housing as ‘Camden Rises,’ and we are privileged to make their vision for this historic and critically important housing resource a reality,” said John O’Donnell, Michaels’ chief executive officer.“This community will remain a valuable housing asset for decades to come.”
Located a short walk to employment, schools and the Walter Rand Transportation Center, Cooper Plaza Historic Homes are in a designated promise zone, which means that residents will have access to various success centers in the neighborhood sponsored by the Center for Family Services.
“As someone who grew up in the city this project, including the renovation and construction of more than 1,000 new and renovated housing units, is a key component to Camden’s transformation,” Rodriguez said. “Providing affordably priced housing for Camden County residents is an integral component for maintaining our ongoing renaissance, and we look forward to continuing this important work.”
Michaels Management will provide property management services, and Michaels’ co-developer, the nonprofit organization, Better Tomorrows, will provide supportive services. Michaels Construction served as the general contractor and Kramer + Marks acted as the Architect on the project.