CAPE MAY, N.J. — The Diocesan Housing Services Corp. of the Diocese of Camden Inc. (DHSC), MDG Design + Construction, and Hudson Valley Property Group (HVPG) have announced the refinancing of a renovation project at Victorian Towers, an affordable seniors housing community in Cape May, located at the southern tip of coastal New Jersey.
The project will result in more than $8 million in capital improvements to the community, and will preserve the affordability of the property for at least 20 additional years.
Originally constructed in 1973 to house low-income seniors, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments as well as 82 parking spaces located near shopping, medical and public transit services. Renovations will include improvements to the units, a redesigned lobby with a seating area and an overhaul of more than 2,000 square feet of community facilities.
Exterior work includes the installation of windows and a new Victorian-styled facade. Efficiency upgrades include new air conditioning units and water conservation measures such as the installation of low-flow toilets, shower heads and faucet aerators.
DHSC has managed Victorian Towers for decades. As development partners, MDG and HVPG will bring substantial financing and development resources to the project, and will continue to be a partner of DHSC post-renovation.
Upon completing the refinance and rehabilitation of Victorian Towers, 194 units will remain affordable through a 20-year Project-Based Rental Assistance (PBRA) agreement, while the balance of the units will remain affordable through the HUD Section 236 program. The project utilizes the NJHMFA Conduit Bond Program, as well as equity generated from the sale of 4 percent Low Income Housing Tax Credits.