COMMUNITY INVESTMENT STRATEGIES HOSTS RIBBON CUTTING FOR HERITAGE VILLAGE AT SEABREEZE
Ceremony Marks Completion of 100-Unit Apartment Community
LAWRENCEVILLE, N.J., October 6, 2011 – Community Investment Strategies (CIS), Inc., is celebrating the official opening today of Heritage Village at Seabreeze, a 100-unit senior living apartment-rental community in Forked River, N.J. The newly constructed, affordable, maintenance-free complex, which is located at 1031 Newark Avenue North adjacent to Seabreeze at Lacey, welcomed its first residents last month.
“Heritage Village at Seabreeze is the realization of the Township’s initiative to establish a master-planned community that incorporates affordable senior living and complementary services designed to encourage wellness, independence and a vibrant lifestyle,” said Lacey Township Mayor Gary Quinn. “This new community punctuates the culmination of many years of planning, commitment and collaboration between the Lacey Township Committee, CIS and the entire development team.”
Developed by CIS and managed by its affiliate, CIS Management Inc., both based in Lawrenceville, N.J., Heritage Village at Seabreeze features spacious contemporary layouts, ranging from approximately 700 to 1,000 square feet. Each of the 86 one-bedroom and 14 two-bedroom units is equipped with Energy Star-rated appliances, wall-to-wall bedroom carpeting, full size kitchens and ceramic tile bathrooms, private washer/dryer hookups, individually controlled central air conditioning and a private balcony or patio.
“This project is a wonderful addition to the Township of Lacey, as it will provide its senior residents with access to safe, decent, affordable housing,” said HMFA Executive Director Anthony L. Marchetta. “My sincere congratulations go out to the development team who successfully transformed a vision into an outstanding community.”
In 2003, CIS partnered with Toll Brothers, developer of Seabreeze at Lacey, to construct and manage the inclusionary component of its 568-home active adult community. In addition to Toll Brothers’ 49 affordable units, the Township sought to add an additional 51 affordable units. In the aftermath of the residential housing crisis, Federal stimulus funding allowed CIS to proceed with construction by restructuring the $16,000,000+/- project.
“The vision for Heritage Village at Seabreeze is now a magnificent reality thanks to a collaborative partnership between public officials, private developers and community leaders,” said Christiana Foglio, CIS’ founder and chief executive officer. “Individual and collective creativity, persistence and agility has resulted in a new affordable housing standard that supports and addresses the needs of today’s senior lifestyle.”
Funding sources included low-income housing tax-credit (LIHTC) equity from Enterprise Community Investment; New Jersey Housing & Mortgage Finance Agency (NJHMFA) Strategic Zone Lending funding; Federal Stimulus Related (ARRA) Tax-Credit Exchange (TCX) funding; and a contribution from Toll Brothers. For Heritage Village, Sun National Bank provided construction loan financing and NJHMFA is providing a 30-year tax-exempt permanent loan.
“Heritage Village at Seabreeze fills a growing need for affordable senior housing that allows those with a fixed income to remain near their family and friends throughout the natural aging process,” said Barbara K. Schoor, CIS vice president.
Heritage Village residents also enjoy a host of recreational activities and amenities, such as a community room with a fireplace, fitness center, health and wellness center, computer center, library, laundry facilities, and book and garden clubs.
“Since there are no entrance or community fees at Heritage Village at Seabreeze, we have introduced an active senior lifestyle that incorporates unlimited access to an array of on-site amenities and services,” said William Dailey, president of CIS Management, who oversees the 24-hour, seven-day-a-week on-site property management services.
In addition to Heritage Village at Seabreeze, CIS and its subsidiaries have developed and manage Heritage Village at Manalapan and Heritage Village at Elton Corner in Freehold Township. The for-profit, certified woman-owned business enterprise (WBE) specializes in developing a broad spectrum of multi-family properties, ranging from multiplex apartments and townhomes to mid- and hi-rise complexes, valued in excess of $350 million.