SB One Bancorp, the holding company for Paramus-based commercial bank SB One Bank, announced on Monday its involvement in the development of Saddle Brook Senior Housing.
SB One said it provided $4.94 million in financing for the two-story, low-rise senior apartment building located at 29 Caldwell Ave.
The project was recently completed by the Housing Development Corp., the nonprofit arm of the Housing Authority of Bergen County, SB One said. Additional project funding was provided by the New Jersey Housing and Mortgage Finance Agency, Federal Home Loan Bank, the Township of Saddle Brook and the HDC.
“We are honored to be a part of this project as it rings true to our commitment to giving back to the communities that we serve,” Anthony DeSenzo, executive vice president and head of commercial banking at SB One Bank, said. “Affordable housing is a commodity in Bergen County, and we are confident that the new development is not only necessary but will make a considerable difference in the lives of local residents.”
Hackensack-based RSC Architects designed the space, which features 30 one-bedroom units for seniors with incomes of less than 50% the Area Median Income and six apartments for households that are homeless or precariously housed. The building has amenities including a common area, laundry facilities and office space.
“Without partners like SB One Bank it would not be possible to bring vital affordable housing options to Bergen County,” Lynn Bartlett, executive director of the Housing Authority of Bergen County & Housing Development Corporation of Bergen County, said. “The demand for low-income senior housing is extremely high. In fact, the waiting list for our new Saddle Brook Housing Development was full within an hour of opening up the application process. We are happy to bring viable senior housing to Saddle Brook, and we look forward to making similar housing options available throughout the county.”
The community was formally unveiled on Monday during a ribbon cutting ceremony. It was attended by more than 100 elected officials, government representatives, local businesses, community leaders, nonprofit partners and more, SB One said.