Camden city and county officials yesterday joined executives from The Michaels Organization and the Housing Authority of the City of Camden (HACC) to celebrate the groundbreaking for the first on-site phase of Ablett Village.
Located at River Ave & E. State Street, Ablett Village Phase III A is the third phase of Michaels’ five-phase redevelopment plan for William Stanley Ablett Village, the oldest public housing community in Camden. It is also Michaels’ largest single phase of new construction affordable housing in the city.
“This groundbreaking is another step forward as we continue to bring positive change to our neighborhoods,” said Camden Mayor Victor G. Carstarphen.
“Improving the quality of life in our neighborhoods remains my priority as Camden Mayor. It’s a priority for our Camden residents, and it’s a priority of everyone involved in this project. I am grateful to HUD, NJHMFA, The Michaels Organization, Housing Authority of the City of Camden and all the partners who support our vision of a stronger community, one that includes beautiful homes for residents, safer and friendlier streets and exciting opportunities for all.”
The new community will bring 78 new, energy-efficient and affordable townhomes in 12 buildings to Camden’s Cramer Hill neighborhood. Each unit will have a full kitchen, living and dining areas, full baths, generous bedrooms and ample closet space.
“Home isn’t just about the four walls around you; it is also about the community that supports you,” said Rep. Donald Norcross. “This groundbreaking represents the continuation of our shared vision of improving the quality of life, health and safety of Ablett Village residents.”
“We are incredibly proud to work alongside the City of Camden, the HACC and many other partners to bring this next chapter of Ablett Village to life,” said Michaels’ Nick Cangelosi, who is serving as the lead developer. “Together, we are ensuring our Camden residents have access to the high-quality, affordable housing they deserve.”
Speakers at the event also included Deborah Person Polk, chair of HACC Board of Commissioners, as well as HACC’s Executive Director Melody Johnson-Williams, Camden County Commissioner Al Dyer and Tracey Powell, chair of the Ablett Village Resident Council. Tanya Hudson-Murray, managing director of Multifamily Programs and Donna Spencer, director of Multifamily and Supportive Housing and Lending, spoke on behalf of the New Jersey Housing and Mortgage Finance Agency.
Financing for the $38 million development includes a construction loan from TD Bank, a permanent mortgage from Berkadia Commercial Mortgage, equity derived from the syndication of 9% LIHTC’s provided by New Jersey Housing and Mortgage Finance Agency and purchased by Berkadia Affordable Tax Credit Solutions, and loan proceeds provided by US HUD through its Choice Neighborhood Implementation Program.
Previous phases of the Ablett Village transformation include Michaels’ Cramer Hill Family and Cramer Hill Senior (The Harrison) communities. Together, all phases constructed throughout the Cramer Hill community will provide existing and current residents access to high-quality housing options with robust community amenities.
