ATLANTIC CITY, N.J., Feb. 23, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today that the conversion of the Clarion Hotel and Convention Center into The Atrium Apartments at Egg Harbor, an 84-unit affordable housing community in the Atlantic City suburb of Egg Harbor Township, New Jersey, is nearly complete. WNC provided approximately $14.5 million in low-income housing tax credit (LIHTC) equity to fund the conversion.
An open house was held for resident applicants to tour the property and discuss the development with project leaders. WNC’s Kelly Henderson, Senior Vice President of Originations, attended the event.
“WNC is thrilled to announce the completion of The Atrium Apartments at Egg Harbor, an affordable housing community that will provide a new and safe place for families to live after being displaced as a result of the devastation of Hurricane Sandy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The need for affordable housing is particularly acute in this region, and WNC is pleased to help deliver this exceptional new community to the working families of the Atlantic City region.”
Located at 6821 Black Horse Pike, The Atrium Apartments of Egg Harbor is a LEED Certified Gold Standard community that includes one six-story building comprised of 16 one-bedroom units, 43 two-bedroom units, and 25 three-bedroom units.
The Atrium Apartments at Egg Harbor offers onsite management, a computer center, laundry facility, fitness center, community room, elevator, tenant storage and recreation area that includes a gazebo, playground and pavilion. In-unit amenities include an electric range, refrigerator and air conditioning. The property is supported by the Crime Free Housing Initiative.
The property includes 230 surface parking spaces. The apartments are conveniently located near entertainment, recreation, prominent thoroughfares, employment opportunities and shopping.
The project was developed by Rukenstein & Associates in approximately 18 months. EHT Affordable Housing LLC is the general partner of the project.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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Source:WNC & Associates