TD Bank has provided the Affordable Housing and Services Collaborative Inc. and Peabody Properties Inc. a $6 million construction loan for the expansion of a Basking Ridge Veterans Affairs Supportive Housing community for homeless and at-risk veterans.
Financing for the loan, which was delivered through the Cherry Hill-based financial institution’s real estate group, will go toward Phase II of Valley Brook Village, which will add a new three-story building with 50 one-bedroom apartments.
According to TD, the expansion to the current 62-unit property will be built by development partner Windover Construction Inc.
In addition to housing, Valley Brook will provide support services including education, space for on-site case management and employment services, provided by Community Hope under the coordination of Peabody Resident Services Inc., TD said.
Valley Brook Village is situated on the VA New Jersey Health Care campus on land provided through The Department of Veterans Affairs Enhanced-Use Lease Program. Additional funding for the community has been provided by the township via its Affordable Housing Trust Fund, County of Somerset’s Homeless Trust Fund Program, the VA and private foundations.