Ingerman Announces the Groundbreaking of The Residences at Symphony Hall

NEWARK, N.J. - June 7, 2016 - PRLog -- Mayor Ras J. Baraka along with Councilwoman Gayle Chaneyfield Jenkins of the City of Newark, the Newark YMCA and BCM Affordable Housing have joined Ingerman to celebrate the groundbreaking of The Residences at Symphony Hall, a 60-unit affordable rental community located in Newark, Essex County.

The Residences at Symphony Hall will be a four-story building located between Crawford and Halsey Streets situated on a vacant brownfield site and will contain 20 one-bedroom and 40 two-bedroom units. Twenty-five percent of the units will be set-aside for residents with special needs; six units for individuals with mental illness and nine units for individuals who are homeless with a disability. The remainder of the units will provide housing to the growing artistic community in the Lincoln Park neighborhood of Newark.

This new development will contain a two-story community room, furnished common areas, a leasing office, off-street parking spaces, a play area and performing arts rehearsal space. In total, the building will contain 63,030 square feet of residential and common space. All of the apartments will have a full appliance package including washers and dryers, dishwashers, hardwood flooring and private balconies. Additionally, the 15 supportive housing units will be fully furnished.

The community will offer the households with special needs comprehensive supportive services provided by the Newark YMCA and the Mental Health Association of Essex County. A part-time case manager will provide social service programs to each of these residence.

Financing for this $15.6 million project will be provided via equity raised through the syndication of Low Income Housing Tax Credits issued by the New Jersey Housing Mortgage Finance Agency, economic development funds provided by the City of Newark, a private construction loan and a permanent mortgage from the NJHMFA. Construction is expected to be completed by the Spring of 2017.

"This project has been a long time coming in that we have all been working on bringing Symphony Hall to fruition for over five years. With that being said, the project absolutely would not have happened without the dedication and on-going support that I received from the City of Newark particularly from Mayor Baraka and Councilwoman Chaneyfield along with our partner the Newark YMCA and the Essex County Mental Health Association," stated Bruce R. Morgan, President, BCM Affordable Housing.

About Ingerman

For more than two decades, Ingerman has been developing, building and managing award-winning multi-family communities throughout the Mid-Atlantic region. Founded in 1988, the Company has developed 95 communities consisting of more than 7,000 residential units with total development costs in excess of $1.1 billion.

The Company's seasoned team of real estate and construction professionals utilizes state-of-the-art architectural design, cutting-edge, environmentally conscious construction and an array of modern amenities in the development of each community. Through a commitment to responsible development practices, Ingerman works to enhance the sustainability of its communities with several green initiatives. http://www.ingerman.com