Philadelphia, PA – January 6, 2020 – Berkadia’s Affordable Housing team is pleased to announce it has invested $12.2 million in McGuire Gardens, a townhome style family community in Camden, NJ that provides 252 units of affordable housing. Initially constructed in 1953 and later renovated in 2002, McGuire Gardens contains 51 one- and two-story apartment buildings encompassing 253 apartments, one of which will be converted into a management office. McGuire Gardens has utilized income averaging and plans to lease 153 units to tenants at or below Camden County’s 50% AMI, 81 units for residents at the 60% AMI level, and 15 units for tenants at or below 80% AMI. Additionally, three units will be for residents restricted to the 80% AMI level. All units will benefit from the RAD program.
“The Michaels Organization is thrilled to be renovating and preserving McGuire Gardens so that it’s families can enjoy safe, decent and affordable housing in Camden,” said Andrew Davenport, Michaels’ Vice President of Development. “This much needed preservation of affordable housing through the RAD program is a critical element of Michaels mission of lifting lives.”
Berkadia will be partnering with the property’s co-developers, Michaels Development Corporation (“MDC”) and Watson Street Management & Development Corporation, a wholly owned subsidiary of the Housing Authority of the City of Camden (“HACC”). McGuire Gardens will be managed by Michaels Management Affordable (“MMA”).
“Berkadia is proud to partner with Michaels and the Housing Authority of the City of Camden (“HACC”) on the McGuire Gardens community,” said Rick Slagle, Managing Director at Berkadia. “We share their commitment to Camden and look forward to seeing the happy families that will reside in and be an important part of the future of Camden.”
McGuire Gardens is being financed with equity from Berkadia’s purchase of 4 percent Federal Low-Income Housing Tax Credits, an FHA insured HUD 221(d)4 loan administered by M&T Realty Capital, a seller note from HACC, and an M&T sponsored AHP Loan.