CINNAMINSON, NJ — A 54-unit affordable rental senior housing community is coming to Riverton Road in Cinnaminson. Officials from Moorestown Ecumenical Neighborhood Development (MEND) and its joint-venture development partner, Conifer Realty, LLC recently joined Cinnaminson Township officials for a groundbreaking of the $12.9 million project on the former site of Cinnaminson Home.
The complex will provide below-market rental units for low and moderate income-eligible senior citizens and adults with special needs, aged 62+. The 2.7-acre property was previously owned by the township, which designated MEND as the developer.
The project is being funded by Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency (HMFA), HOME Funds from Burlington County, Construction financing from TD Bank and Permanent mortgage from CDT Bank.
There will be 53 one-bedroom apartments, and one two-bedroom apartment in the complex. Residents are expected to begin moving in the fall of 2019.
"It's been a long road working on the development of this project, and we're excited the time has finally come to officially start construction," MEND President and CEO Matt Reilly said. "We truly appreciate Cinnaminson Township's support during this process and look forward to providing more affordable rental housing options to seniors in our community."
Each unit will be equipped with Energy Star-rated appliances and light fixtures, high-efficiency heating and cooling systems and water-saving plumbing features. Each unit will include full kitchens, living and dining room areas, full baths, generous bedrooms and ample closet space.
"We appreciate Cinnaminson Township's cooperation and diligence on this project, and we're proud to continue our long-standing relationship with MEND," Conifer Realty, LLC Senior Vice President Charles M. Lewis said. "The end result of our partnership will be an affordable community for senior residents that Cinnaminson can be truly proud of."