Berkadia Secures $11.9M in Financing for Affordable Housing in Readington, New Jersey
Philadelphia, Pennsylvania – January 28, 2025 – Berkadia, a leader in the commercial real estate industry, announced today the financing of Apartments at Three Bridges, an 80-unit, townhouse style multifamily property in Readington, New Jersey. Senior Vice President – Head of Acquisitions Chris McGraw of Berkadia Tax Credit Solutions LLC secured $11.9 million in Low-Income Housing Tax Credit (LIHTC) equity investment on behalf of the sponsor, New York-based Conifer.
Apartments at Three Bridges will consist of 80 affordable units across seven-, two-, and three-story buildings. The 80 units are split between 14 one-, 45 two-, and 21 three-bedroom units. The community will serve residents earning between 20% and 60% of the Area Median Income (AMI).
“Berkadia’s investment in Apartments at Three Bridges will provide additional affordable housing to 80 households in Hunterdon County,” said McGraw “We’re honored to play a role in the creation of much needed new affordable housing supply.”
Once complete, Apartments at Three Bridges will offer a clubhouse, a fitness center, on-site management, playground, and service coordination.
“At Conifer, we are deeply committed to addressing the pressing need for high-quality, affordable housing, and Apartments at Three Bridges is a shining example of that commitment,” said Muammar Hermanstyne, vice president, development, Conifer Realty. “We’re proud to provide 80 families in Hunterdon County not just a place to live, but a vibrant community to call home. This development underscores our mission to create homes that make a lasting, positive impact for residents and the surrounding area.”
Conifer serves as the project sponsor, working in partnership with Berkadia to bring this much-needed affordable housing community to life.
Financing for the project will include a construction loan through Fulton Bank, a permanent loan through NJHMFA and proceeds from 4% Low Income Housing Tax Credits.
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.