Ingerman Announces the Grand Opening of The Willows at Symphony Hall June 07, 2017
Newark, NJ – June 7, 2017 – The Honorable Mayor Ras J. Baraka of the City of Newark along with the Newark YMCA and BCM Affordable Housing joined Ingerman to celebrate the grand opening of The Willows at Symphony Hall, a 60-unit affordable rental community located in Newark, Essex County, New Jersey.
The Willows at Symphony Hall is a four-story building located between Crawford and Halsey Streets in the heart of the Lincoln Park Coast Cultural District (LPCCD). The community is comprised of 20 one-bedroom and 40 two-bedroom units. Twenty-five percent of the units are set-aside for residents with special needs. The remainder of the units will provide housing to the growing artistic community in the LPCCD.
“The Willows at Symphony Hall is a prime example of our strategy to ensure that new development in Newark reflects the diversity of our city and fosters Newark's leadership in the arts. Beyond that, it is another giant step in the comeback of the Lincoln Park neighborhood,” said Mayor Ras J. Baraka.
This new development will contain a two-story community lounge, furnished sundecks, a leasing office, off-street parking, a playground, along with both gallery and rehearsal spaces. In total, the building contains 63,030 square feet of residential and common space. All of the apartments have a full appliance package including washers and dryers, dishwashers, plank flooring and private balconies. Additionally, the 15 supportive housing units are fully-furnished. A part-time case manager will provide social service programs to each of these residents.
"This project took five years to get off the ground and I could not have done it without the help and support that I received from the City of Newark, Councilwoman Chaneyfield, the Newark YMCA and the Lincoln Park community standing behind the project. I am truly committed to delivering a great housing opportunity to the arts community in Newark and with the Willows at Symphony Hall I believe we did it," said Bruce R. Morgan, President, BCM Affordable Housing.
Total project costs are $15.6 million funded by an award of just over one million of low income housing tax credits from the New Jersey Housing and Mortgage Finance Agency which was syndicated into $11.4 million of project equity provided by Wells Fargo Bank. The project also received $950,000 of HOME funds from the City of Newark, $525,000 from the Federal Home Loan Bank of New York as well as a permanent mortgage from the New Jersey Housing and Mortgage Finance Agency of $2.7 million.
“The YMCA is proud to partner with the City of Newark, Ingerman, and BCM to provide affordable housing to the great city of Newark," stated Michael Bright, President of the Newark YMCA. "It is partnerships like this that continue to make Newark one of the most desirable and sought out places to live. Surrounded by a revitalized downtown and growing arts community, The Willows at Symphony Hall will be the benchmark of what collaborations like ours can produce.”
About Ingerman
Ingerman is a leading developer, builder and manager of award-winning multifamily communities throughout the Mid-Atlantic region. Since its inception, the company has been responsible for the development of more than 100 projects representing 8,400 units with total development costs exceeding $1.4 billion. Ingerman was founded on a guiding principal: to bring together a highly talented and motivated group of real estate professionals to create lasting, quality residential communities that are strategically financed and managed through persistent attention to detail. Today, that mission continues to drive our unwavering focus on delivering high-quality housing and superior services to all of our stakeholders — investors, community partners, and residents. www.ingerman.com
