PATERSON, N.J. — Love Funding has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartment, both in Paterson.
Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. The Housing Authority of the City of Paterson and other third-party providers will offer social services at the property.
Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing 300 units. The apartment complex will be the second phase of the Riverside Terrace Master Redevelopment Plan.
Roizman Development is leading the project. Inglese Architecture + Engineering is the design architect, and ETC Cos. LLC is the general contractor. S.H.N.I.R. Apartment Management Corp. will be the operator. The senior apartments are scheduled for completion in summer 2021, while the family apartments are scheduled for completion in early 2022.
Leonard Lucas of Love Funding secured the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) loan insurance program. The program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term.