HMFA Celebrates Completion of Exterior Façade on Historic Security Trust Building in Camden

CAMDEN, N.J. – October 27, 2009 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia today joined state and local officials to celebrate the completion of exterior façade renovation of the New Jersey Safe Deposit and Trust Building (Trust Building), located at 301 Market Street in the heart of downtown Camden. Upon completion, the rehabilitated Trust Building and building addition will provide 35 units of affordable housing for senior citizens.

“As the State’s housing agency, we have a moral obligation to provide quality and safe housing to Camden’s senior citizens that is within their means of affordability,” said HMFA Executive Director Della Vecchia. “The HMFA is proud to be involved in a significant Camden landmark’s transformation into a state-of-the-art senior housing facility”.

The Trust Building, an iconic Victorian style office building built in 1886, is one of the most historic and architecturally revered landmarks in the City of Camden. The building was placed on the National Register of Historic Places in 1990 and was listed by Preservation New Jersey as among the “10 Most Endangered Historic Buildings” in the state. Vacant for approximately 30 years, the Trust Building had fallen into grave disrepair, and many thought it could not be saved. Given the building’s significance, the rehabilitation and restoration of this structure into a productive functional use will have a tremendous impact on the revitalization of the Market Street corridor, which is in very close proximity to the commercial district, Rutgers University and City Hall. Accessible public transportation is within one block.

The Trust Building project consists of the complete historic renovation of 301 Market Street and the new construction of a four-story addition on the adjacent lots at 303 and 307 Market Street. The completed project will include 30 one-bedroom apartments and 5 two-bedroom apartments. All of the units will feature energy-efficient design. Amenities will include hardwood floors in the living areas, high quality kitchens, dishwashers and state-of-the-art security systems. Additionally, there will be 3,500 square feet of ground level retail/office and restaurant space.

RPM Development Group is the real estate developer for the Trust Building project. The renovation is one element of a larger scale residential project called Market Fair, which is also being developed by RPM Development. The entire Market Fair project will encompass 301 to 307 Market Street in downtown Camden, and 1260 and 1276 Collings Road in the city’s Fairview neighborhood.

The Market Fair project is supported by various federal, state and local agencies, including $6 million from the Department of Community Affairs’ (DCA) Balanced Housing Program, $1 million in construction and permanent financing from the HMFA’s Special Needs Housing Trust Fund, $3 million from the Camden Economic Recovery Board (ERB), $1.2 million from the City of Camden’s HOME program, and $500,000 from the Federal Home Loan Bank.

For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.

Contact:
Lisa Ryan
(609) 292-6055