Weekly Real Estate News
Summary
Berkadia secured $15 million in LIHTC equity for Cedar Brook Crossing, a 60-unit affordable senior housing development in Cranbury, New Jersey, serving households at 30% to 60% of area median income.
Berkadia has secured $15 million in Low-Income Housing Tax Credit equity for a 60-unit affordable senior housing development in Cranbury, New Jersey.
The financing will support Cedar Brook Crossing, a four-story community being developed by Walters Cornerstone Development for residents age 55 and older.
The project will include 56 one-bedroom apartments and four two-bedroom apartments. All 60 homes will be restricted to households earning between 30% and 60% of area median income, according to Berkadia.
Five apartments will be reserved for households with special needs, with a particular focus on people and families experiencing homelessness. Supportive services will be available to those residents.
“Cedar Brook Crossing will help address a critical need for affordable senior housing in Central Jersey, giving more older adults the opportunity to remain in the communities they know and value,” Berkadia Senior Director Justin Sigmon said in the company’s Oct. 6 announcement.
The transaction adds to a steady flow of affordable-housing capital as developers and lenders look for ways to deliver new supply despite elevated construction and financing costs. WRE News has been tracking that activity nationally, including the recent opening of a $62.9 million, 216-unit affordable community in Des Moines.
