MBI Development Company, Inc., in partnership with TRF Development Partners, is developing Manalpan Woods, an 80-unit, affordable housing rental development situated on a 26-acre property located in Manalapan, Monmouth County, New Jersey. The redevelopment of this formerly industrial site will include a new multi-family residential apartment complex consisting of two 3-story buildings and seven 2-story buildings containing a total of 80 apartment units.
\r\n\r\nManalapan Woods will be affordable to area families making 30%, 50% and 60% of the area median income. Not only will this development help meet the Township’s affordable housing obligation, it will also satisfy the County’s mission of providing much needed quality, new construction, affordable rental housing to lower income families throughout Monmouth County. This development is strongly supported by Manalapan Township with the municipality committing over $1.6 million of township Affordable Housing Trust Fund monies to the project.
\r\n\r\n\r\nThe proposed development will include 80 one, two and three bedroom units and a clubhouse that will contain leasing and management offices as well as community space for meetings, workshops and recreational programming. The development will contain sixteen (16) - 700 sf one-bedroom units, forty (40) - 900 sf two-bedroom units and twenty four (24) - 1,150 sf three bedroom units. Ten of the units will be affordable to households at or below 30% of area median income (AMI) while 30 units will be affordable to households at or below 50% of AMI and 40 units will be affordable to households at or below 60% of AMI. The affordable development will be situated in a residential setting primarily consisting of single-family homes. The development is located in close proximity to retail, restaurant, and recreational amenities, as well as grocery stores, drug stores, schools and community parks.
\r\n\r\n\r\nWe anticipate the construction of Wood Avenue Apartments to begin in the Spring of 2011 and to be completed within 12 to 14 months. The buildings will be two and three stories in height with a façade of brick and vinyl siding. The interiors will feature wooden base board, mini-blinds, oversized windows, masonite six panel doors, vinyl composite tile in the kitchen and foyer, ceramic tile baths, and wall-to-wall carpeting throughout the remainder of the home, air conditioning and gas fired HVAC systems. Kitchen amenities will include a full appliance package including a dishwasher and a garbage disposal. Each unit will contain a washer and dryer. The project will include a comprehensive social service component to service our residents on site and the building will include ample community space as well as a leasing office.
\r\n\r\n\r\nFinancing for this project is being provided through $13,580,585 in equity from the syndication tax credits from the NJHMFA, a $2,976,213 first mortgage from the NJHMFA, $1,650,000 in Manalapan Affordable Housing Trust Fund monies, a $500,084 deferred developer fee, $281,000 in Monmouth County HOME funds, and $800,000 in FHLBNY AHP funds. Ingerman will develop, construct and manage this property.