Capital One today announced it has provided a $5.8 million construction loan for the development of South Orange Commons, a 26-unit affordable housing community in South Orange, NJ. More than half of the units will be set aside for special needs households and supported by the New Jersey Department of Human Services’ Division of Developmental Disabilities, with the goal of helping adults with different developmental and physical capabilities live as independently as possible.
Bergen County United Way (BCUW) is the lead developer partnering with Madline Corporation, Penwal Affordable Housing and Jespy House, all New Jersey-based not for profit organizations, to support the property and provide services. BCUW has developed nearly 300 units of low- and moderate-income housing across 25 properties, including special needs and senior housing for both rental and homeownership.
“South Orange Commons is an opportunity for BCUW and our partners to deliver on our mission to provide affordable homes to our neighbors and community members,” said Tom Toronto, Bergen County United Way’s president. “To us, providing housing goes beyond the building. We are committed to fostering community, engaging residents in social activities, and supporting them with skill-building opportunities related to employment, health and more.”
This property will include one-, two-, and three-bedroom units that will be restricted at 30%, 50% and 60% of area median income (AMI). South Orange Commons will have a community room, rooftop terrace, and lounge areas for residents. Onsite services will include residential day programming, employment training and placement, clinical and behavioral health, athletics and fitness, recreation and the arts, and daily living skills.
“We’re pleased to work alongside organizations across the public, private, and nonprofit sectors to finance quality, inclusive and affordable housing in a region where there is a significant need,” said Roy Danniell, Community Finance Capital Officer at Capital One. “Not only does this community deliver on our shared goal of increasing affordable housing supply, but it will also incorporate supportive services that respond to resident needs.”
