CIS begins construction on a pivotal new senior development project in Galloway
Affordable 55+ housing is reimagined as a community catalyst and regional trendsetter.
By: Community Investment Strategies, Inc.
"Good things come to those who wait - and work hard," observed Christiana Foglio, CEO of CIS. "Assembling the many preliminary pieces for Heritage Village at Galloway was a complex process, but after years of determined effort, shovels are in the ground, and the pieces have come together."
Early in the process, site selection was critical, and with the guidance of Anthony Miranda of Valentino Realty, CIS identified a highly strategic location at White Horse Pike and Pomona Road as having great potential. Set between two Garden State Parkway exits, the site stands at the gateway to Atlantic City. It is less than a 12 minute drive to Stockton University, Atlantic City International Airport, the FAA William J. Hughes Technical Center and the historic Seaview Hotel; and just 15 minutes from the Tom Fazio-designed Galloway National Golf Club.
"From the beginning, we viewed the location as the key to a promising future," Ms. Foglio continued, "and as an opportunity to take the lead in helping to build up an area still recovering from Superstorm Sandy."
After-effects from the storm coupled with heavy casino industry fallout impacted Galloway Township's commercial corridor. This made CIS even more interested in the White Horse Pike/Pomona redevelopment area. Site selection was just the beginning, followed by years of planning, multi-layered negotiations, relationship building, paperwork, and financial sourcing.
"We are grateful for the steadfast, ongoing cooperation of Anthony J. Coppola, Jr., Mayor of Galloway Township; of his predecessor, former Mayor Don Purdy, and the City Council," Ms. Foglio stated. "Without their efforts, we would not be breaking ground here."
The township executives were aware of CIS's reputation as builder of more than 12 Heritage Village properties in New Jersey for more than 2 decades. They supported the company's efforts with confidence, familiar with its reputation for raising the bar on affordable senior housing quality and lifestyle standards, with meticulous attention to detail, sustainability, quality, and structural resiliency.
Creating the financial structure was complicated, but in retrospect, a rewarding process. The multi-million dollar development is funded by a blend of financing resources, including construction and permanent loans, tax-exempt bonds, and Low-Income Housing Tax Credits. CIS assembled this package in partnership with the New Jersey Housing and Mortgage Finance Agency, JPMorgan Chase Bank N.A., Hudson Housing Capital, as well as with Community Development Block Grant Disaster Relief funding for areas hit hard by Superstorm Sandy.
The 100-unit structure will comprise brand new 1- and 2-bedroom residences that will rent from $337 to $880 per month to income-qualified households. Included are high quality finishes, fixtures, and appliances. Lifestyle amenities begin with sophisticated social rooms, a library, fitness center, professional programming, on-site management, and 24-hour emergency maintenance.
"It takes a village to create a Heritage Village. Gratitude goes to our Vice President Barbara Schoor, who visualized and shepherded this project; and to Vice President Theresa Reed who completed the financing structure," Ms. Foglio added. "We look forward to cutting the ribbon for this long-anticipated development, together with all of our financing and municipal partners."
About Community Investment Strategies, Inc. (CIS)
CIS (www.cisnj.com) is an award-winning, fully integrated residential development, management, and construction company, specializing in high quality affordable-, multi-family-