The developer of an affordable housing complex in a designated redevelopment area of downtown Vineland, to be known as Landis Square Senior Apartments, has secured $17.8 million in financing for the new construction of ground floor retail space and 71 apartments affordable to seniors.

Eastern Pacific Development, LLC, developer of the project in partnership with the nonprofit social services agency Gateway Community Action Partnership, recently closed on the financing to acquire the land and build the three-story structure at the corner of East and Landis avenues in Vineland. Ten of the 71 affordable housing rental units will be set aside for seniors with special needs—with Gateway Community Action Partnership as social service provider for the special needs population. The project is under construction now that the financing is in place, and is expected to be completed in about a year.

Financing for the project includes capital contributions of $13.9 million from an investor for the purchase of federal low income housing tax credits awarded by the New Jersey Housing and Mortgage Finance Agency through a competitive process. The project will also be funded from conventional construction and permanent loans by private banks. Jeffrey S. Beenstock of Ballard Spahr's New Jersey office represented Eastern Pacific Development in closing the financing and acquisition of the land. Ballard Spahr worked with Eastern Pacific Development and its financing partners to close the financing in early November. Mr. Beenstock represents a range of clients—including investors, developers, and lenders—in a variety of real estate and finance transactions, with particular experience in affordable housing, redevelopment, leasing, and eminent domain law.

Located on the southeast corner of the East and Landis intersection, Landis Square Senior Apartments is part of Landis Square East, a larger effort to redevelop the four corners of East and Landis avenues. Eastern Pacific Development is the City of Vineland's designated redeveloper for the overall effort, which involves demolition of a full city block containing a dilapidated motel and other structures. Eastern Pacific Development has already completed restoration of the historic, 800-seat Landis Theater on the crossroad's northwest corner into a community performing arts showplace.

Landis Square Senior Apartments will offer one- and two-bedroom units for people 55 and older, including those set aside for developmentally disabled tenants. Rents will range from $124 to $680 per month. Construction of the project will help Vineland comply with its obligation under the New Jersey Constitution for municipalities to provide affordable housing.

Eastern Pacific Development, based in Vineland and led by founder, president, and CEO Hans Lampart, specializes in affordable housing and community redevelopment. The company works with communities to successfully develop and operate affordable housing for seniors and families, helping municipalities meet their affordable housing obligation. EPD has experience with renovating older, deteriorating buildings into modern housing complexes, and has particular expertise with tax credits, including securing qualified investors to finance the development and purchase the credits.

Gateway Community Action Partnership (formed and incorporated as Tri-County Community Action Agency Inc.) is the designated Community Action Program (CAP) for Cumberland, Gloucester, and Salem counties in southern New Jersey and also provides services in Atlantic, Camden, Cape May, and Mercer counties, as well as Philadelphia. The agency helps low- and moderate-income residents identify and overcome barriers to self-sufficiency.