Tredway and LIHC Investment Group have recently completed the acquisition of Forest Hill House, a senior-occupied apartment complex located in Newark, NJ. The $20 million investment will focus on improving the property to promote aging in place and increase energy efficiency. This includes extending HUD income restrictions for an additional 30 years to maintain affordability.
The redevelopment project will involve upgrading windows, appliances, kitchens and bathrooms for accessibility purposes. Additionally, common areas will be renovated and new amenities such as an on-site doctor’s office, nurses’ station, fitness room,and transportation services will be added. Energy efficiency is also a key aspect of this project with upgrades planned for the roof,l ighting system insulation,and ventilation.
“We are thrilled to embark on this ambitious redevelopment that aims to protect and enhance homes at Forest Hill House for low-income seniors while preserving affordability,” stated Will Blodgett,Ceo & Founder of Tredway.”This not only ensures the preservation of vital affordable housing in Newark but also provides seniors with an opportunity to live independently in a home they can take pridein.”
The financing deal worth $40 million was secured by Tredwayand LIHC Investment Groupfor their latest venture into acquiring affordable housing propertiesin Newark.The post highlights their efforts towards providing quality living spacesfor lower-income seniors without mentioning any specific company names or locations.
