Camden, NJ – January 6, 2020 – Berkadia’s Affordable Housing team is pleased to announce it has invested $13 million in Branch Village Phase IV, a low-rise style three-story senior community in Camden, NJ that provides 58 units of affordable housing. The site sits on the former Clement T. Branch public housing development and has been owned and operated continuously since 1941 by the Housing Authority of the City of Camden (“HACC”). The Project is the final phase of a planned four phase redevelopment which when complete will deliver 255 units in total to the Centerville neighborhood of Camden. Phase IV will contain 58 one-bedroom units restricted to households earning 30% and 60% of Area Median Income. All units are subsidized under the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (“RAD”) program.
“This is the final phase of a transformative development for the Centerville neighborhood of Camden, bringing high quality affordable homes and community amenities to Branch Village,” said John J. O’Donnell, chief executive officer of The Michaels Organization. “We are grateful to the community and all our partners for their support and commitment to this neighborhood revitalization effort.”
Berkadia will be partnering with the property’s co-developers, Michaels Development (“Michaels”) and the Housing Authority of the City of Camden (“HACC”). Branch Village Phase IV will be managed by Michaels Management.
“Berkadia is privileged to partner again with Michaels and HACC on the fourth and final phase of Branch Village,” said Rick Slagle, Managing Director of Acquisitions at Berkadia.
Branch Village Phase IV is being financed with equity from Berkadia’s purchase of 9 percent Federal Low-Income Housing Tax Credits, a construction loan from TD Bank, a permanent loan from Berkadia, and a HUD-sponsored Choice Neighborhood loan.