New Construction of “The Brookdale” Offers 61 Affordable Apartment Homes for Bergen County Seniors
TEANECK, NJ – The New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined local officials and community leaders to celebrate the grand opening of Teaneck Senior Housing, “The Brookdale,” a brand new, three-story, 61-residence building offering affordable apartment homes for seniors, ages 62 an older. The Alpert Group LLC, a family-owned and operated full-service real estate management and development company, is the developer. The building was named in honor of longtime supporter, Brookdale Foundation Group.
“We are both proud and excited to provide the financing for this newest affordable rental community for seniors in Bergen County,” points out HMFA Executive Director Marchetta. “We consider this successful effort to transform a vacant lot into a vibrant senior citizens complex another HMFA revitalization success story. Residents are just a half block away from shopping, restaurants, hair salons, pharmacies, doctors’ offices, churches, parks, and other services.”
The HMFA, an affiliate of the Department of Community Affairs (DCA), awarded the affordable housing community $9.8 million in permanent financing. In addition, the project was able to leverage the 4% federal Low Income Housing Tax Credits (LIHTC) which is expected to generate $4.8 million in private equity.
Located at 60 Bergen Avenue in Teaneck, Bergen County, The Brookdale senior housing development is located in a residential neighborhood that includes single-family homes and garden apartments.
The three-story, elevator-serviced building features 60 one-bedroom apartments spanning 540 square feet, one efficiency at 470 square feet, and one, two-bedroom superintendent’s residence at 750 square feet. All new homes are handicapped adaptable, and five percent of the apartments are handicapped accessible. All residences have private kitchens and bathrooms, Energy Star appliances, and window blinds. Amenities include community space, common laundry facilities, security features, and offices for property management and social service functions. There are 37 underground parking spaces as well as 10 surface lot spaces.
The approximately $18.5 million development cost of this project will provide affordable housing opportunities for Bergen County, New Jersey, seniors. HMFA estimates that during construction, the project generated more than $29.3 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. The construction phase also supported approximately 175 direct and indirect/induced full-time equivalent jobs, and generated more than $1 million in state and local taxes. Now complete, the project will continue to add value to the community by providing approximately $3.2 million in ongoing economic output, 18 direct and indirect/induced full-time equivalent jobs, and approximately $185,000 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
The Alpert Group, LLC is a family-owned and operated, full-service real estate management and development company doing business for over four decades. Since the company’s inception, it has developed and managed over 2,000 units. The Alpert Group, LLC specializes in bringing quality safe and sanitary housing to diverse segments of the population. The Alpert Group management team’s supervision, knowledge, experience and direction is a cohesive network, capable of providing clients with the highest degree of professional service.
For more information on HMFA programs, please visit www.njhousing.gov