Tredway and LIHC Complete $42M Renovation of 99-Unit Newark Senior Complex

New York City-based developer Tredway and LIHC Investment Group have unveiled a comprehensive $42 million renovation of Forest Hill House, a 99-unit senior affordable housing complex located at 505 Mount Prospect Avenue in Newark. The project represents the property's first major modernization in nearly 50 years and includes the addition of on-site amenities such as a doctor’s office, nursing station, beauty station, fitness room, and community-wide Wi-Fi. A ribbon-cutting ceremony for the renovated facility was held on May 19.

Financing for the redevelopment was secured through a permanent loan from Rockport Mortgage Corporation via a New Jersey Housing and Mortgage Finance Agency conduit bond, supplemented by 4% Low-Income Housing Tax Credit equity from Regions Affordable Housing and BNY, Aspire tax credits, and owner equity. The project team includes Inglese Architecture + Engineering as the architect, Affordable Housing Institute as a nonprofit partner, and SHP Management as the property manager.