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430 S. Broadway - Gloucester, NJ 08030
PROPERTY OVERVIEW
Carpenter’s Square Apartments is a 101-unit affordable housing community for seniors ages 62+ located in Gloucester City, NJ. The property is situated on South Broadway Avenue, the main north/south thoroughfare in town, with nearby access to I-76 & I-676. Pharmacies, shopping, and public transportation are nearby, and downtown Philadelphia is approximately 20 minutes away providing an abundance of entertainment, dining, and shopping.
The property was built and placed in service in 2004 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% and 60% of Area Median Income (AMI) limits, which are provided by the New Jersey Housing & Mortgage Finance Agency. The property is beyond its initial compliance period.
Carpenter’s Square Apartments offers one bedroom apartment homes featuring an in unit washer & dryer and updated kitchens that include a garbage disposal, dishwasher, refrigerator, and gas range/oven. Residents enjoy a variety of community amenities that include resident lounges, an activity/game room, and a gazebo.
Senior LIHTC property offering one-bedroom apartments with a variety of community and apartment amenities for residents to enjoy
Conveniently located near area amenities, including shopping, pharmacies, dining, and major transportation arteries
Camden County’s population age 65 and older is forecast to grow 14.9% over the next five years, surpassing 111,600 residents
Gloucester City is located on the East Bank of the Delaware River, immediately across from Philadelphia
Strong AMI growth in Camden County with an increase of 30.89% since 2018
Ability to assume favorable financing coupled with the potential for a near-term affordable redevelopment opportunity or conversion to market in 2034
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
800 West Main Street
Suite 1410
Boise, ID 83702
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Brandon Grisham
Senior Managing Director
Affordable Housing
WA License #98101
253.653.3313
brandon.grisham@berkadia.com
INVESTMENT ADVISORS
Mike Terry
Director
Affordable Housing
MT License #89005
425.761.1640
mike.terry@berkadia.com
Senior Managing Director
Multifamily
NJ License #0123988
973.809.1755
nat.gambuzza@berkadia.com
Nat Gambuzza
17 HQPL West Tower
8th Floor
Morristown NJ 07960
MORRISTOWN OFFICE
PROPERTY Stats
101
UNITS
2004
Built
63,375
sF
MORTGAGE BANKING
Senior Managing Director
614.468.5805
matthew.napoleon@berkadia.com
matthew napoleon