Riverside Capital, LLC (Riverside) announced it has invested $15.5 million in Branch Village Townhomes, the second of a planned four-phase redevelopment of the Clement T. Branch public housing community in the Centerville neighborhood of Camden, NJ. The property will be developed and managed by The Michaels Organization (Michaels) in conjunction with the Housing Authority of the City of Camden (HACC).
Branch Village Townhomes is part of the Mount Ephraim Choice Neighborhoods Initiative (CNI), which has prompted a wide range of improvements in the surrounding community. Branch Village Townhomes will replace buildings originally constructed in the 1940s with modern, newly constructed townhouse-style buildings. The nine buildings will contain three one-bedroom units, 50 two-bedroom units and 19 three-bedroom units for a total of 72 apartments, all of which will be affordable to households earning between 20 percent and 60 percent of the Area Median Income. People living in the development will receive rental subsidy assistance through the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. Branch Village Townhomes is being financed with nine percent Federal Low Income Housing Tax Credits, conventional debt through Berkadia, a CNI soft loan and deferred developer fee.