Paterson Breaks Ground On 245 Senior And Family Apartment Rental Units
Demolition and Construction Begins At Former Riverside Terrace Public Housing Site
Paterson, NJ – On Wednesday morning, August 5th, residents, local officials and business leaders gathered for the culmination of a ten-year journey with a groundbreaking ceremony for the Riverside Terrace project in Paterson.
The groundbreaking was accompanied by an announcement that Roizman Development, Inc., one of the nation’s leading developers of affordable multifamily apartments, closed on two loan developments totaling approximately $90 million for the construction and permanent financing of Riverside Village Family and Senior Apartments in Paterson, New Jersey.
The Riverside Village Family Apartments is the second phase of the Riverside Terrace Master Redevelopment Plan and will feature 165 townhouse-style units, onsite classrooms, basketball court, children’s room and a community building.
“The Riverside Terrace project is exactly the kind of affordable housing that our community needs,” said Congressman Bill Pascrell, Jr. “This much needed development could not have been possible without the hard work of our federal, state, and local partners. I especially want to thank Mayor Sayegh and our local leaders for their tireless efforts to get us here today. Together we secured $60 million in federal funding for these projects and I’ll continue to fight for every dollar available to support affordable housing in our community. Today’s groundbreaking represents the very best of our city and the bright future ahead for Paterson.”
“Paterson is an ascendant city and we are proud to provide quality, affordable housing stock to our seniors and low-income families,” said Paterson Mayor André Sayegh. “This project will transform the neighborhood and improve the quality of life in the area. It is a victory for our city.”
Riverside Village Senior Apartments is an 81 unit, 4-story elevator complex offering lounge areas, outdoor patio and garden space and a community room with a warming kitchen. Social services will be provided on-site by Paterson Housing Authority coordinators.
Financing was secured by the Love Funding through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program, tax exempt bond construction financing and subordinate financing from the New Jersey Housing and Mortgage Finance Agency and equity from PNC Bank, N.A. derived from the sale of low income housing tax credits.
The redevelopment project is in coordination and assistance by the Housing Authority of the City of Paterson. Inglese Architecture + Engineering is the design architect, Maser Consulting is the civil engineer and ETC Companies, LLC is the general contractor. The properties will be managed by S.H.N.I.R. Apartment Management Corporation of Plymouth Meeting, PA.
About Roizman Development Inc.
Roizman Development, Inc. (“RDI”) was established in 1988 to create high quality affordable housing for low-income individuals and families. Over the past thirty-one years, RDI has the good fortune to work with housing authorities, state agencies, tenant groups, community organizations and other stakeholders to create over 4,000 units of premier affordable housing for residents in New Jersey, Pennsylvania, Delaware, District of Columbia, New York, Atlanta, Baltimore and Florida. During this time, RDI has been selected by the housing authorities of Paterson, NJ, Chester, PA, Newark, NJ and Buffalo, NY to be their development partner in the implementation of their HOPE VI revitalization plans.