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Ingerman, public officials break ground on apartments in Sandy-damaged Ocean Township

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Officials break ground for the
Officials break ground for the "Willows at Waretown." - (INGERMAN)

Ingerman has broken ground on a 76-unit, age-restricted apartment complex in Ocean Township, thanks in part to federal funds earmarked for restoring the stock of affordable housing in places damaged by Hurricane Sandy.

The $17.7 million project is expected to be ready for occupancy by next summer, according to a news release from the Cherry Hill-based developer. When complete, the three-story “Willows at Waretown” will be open to residents age 55 and older.

Through the state Housing and Mortgage Finance Agency, the project was awarded about $6.7 million through the federal Fund for Restoration of Multifamily Housing, according to a separate HMFA news release. The program allows for-profit and nonprofit housing developers to secure zero- and low-interest loans for affordable housing projects in the nine New Jersey counties that federal officials designated as most impacted by the storm.

The project also was awarded federal Low-Income Housing Tax Credits, while the HMFA provided it with about $2.4 million in construction and permanent financing, plus a construction bridge loan of $6.8 million, the news release said.

Ingerman executives joined state and local officials Monday for a groundbreaking ceremony in Ocean Township, where about 10 percent of the homes sustained major or severe damage.

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Joshua Burd

Joshua Burd

Josh Burd covers real estate, economic development and sports and entertainment. Before joining NJBIZ in 2011, he spent four years as a metro reporter in Central Jersey. His email is joshb@njbiz.com and he is @JoshBurdNJ on Twitter.

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