Tredway and LIHC Group Champion Senior Living with $20M Forest Hill House Redevelopment
The Multifamily Housing sector represents a critical component in the landscape of community and economic development, with a particular focus on serving vulnerable demographics and ensuring long-term sustainability. In alignment with these critical industry values, the recent announcement of the acquisition of Forest Hill House, a 100-unit, senior-occupied apartment complex in Newark, NJ by Tredway and LIHC Investment Group, marks a significant stride forward in the commitment to affordable housing.
The joint venture’s immediate plan to inject upwards of $20 million into property redevelopment sends a strong message about the prioritization of high-opportunity housing designed to preserve the dignity and independence of our aging population. The extension of the affordability agreement for an additional 30 years at 60 percent of the area median income (AMI) also ensures that economic barriers to high-quality living spaces continue to be dismantled for the seniors of Newark.
Will Blodgett, the CEO & Founder of Tredway, articulates the venture’s vision succinctly, “We are excited to embark on this ambitious redevelopment which will protect and improve homes at Forest Hill House for lower income seniors, while keeping affordability intact.” Blodgett’s commentary not only underscores the socio-economic benefits of the project but also emphasizes the importance of public-private collaboration for holistic community uplifting.
Echoing the sentiments of communal enhancement, Andrew Gendron, Principal at LIHC Investment Group, adds, “There is a vital need for affordable, high-quality homes for seniors across New Jersey and we are proud to provide state-of-the art housing solutions that take into account the specific needs of older adults.” The planned comprehensive services and state-of-the-art amenities – from ADA accessibility renovations to on-site health and wellness facilities – indeed reflect a forward-thinking approach to multifamily housing that places human needs at the forefront.
Furthermore, the sustainability aspect of the rehabilitation, including energy-efficient appliances and structural upgrades, aligns perfectly with the industry’s push towards green living solutions, integral not only to resident well-being but also to ecological responsibility.
Financed through a combination of public and private sources, including FHA-insured loans, tax credits, and bond issuances, this project exemplifies how strategic partnerships can leverage multiple funding streams to achieve common goals in the multifamily industry. The role of non-profit partners like the Affordable Housing Institute, Inc. further demonstrates how community-based organizations contribute to shaping inclusive housing initiatives.
As Multifamily Leadership, we recognize and commend Tredway, LIHC Investment Group, and all stakeholders for demonstrating that with thoughtful leadership and dedicated partnerships, the multifamily housing industry can indeed create innovative, sustainable environments where senior residents not only reside but thrive with grace and autonomy.