CAMDEN, NJ, June 13, 2024 — Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, marked the next step of a transformative renovation project at Northgate One Apartments in Camden, New Jersey, with a launch of renovations event attended by key community leaders and stakeholders. City officials, including Mayor of Camden Vic Carstarphen, Camden City Council President Angel Fuentes, Camden County Commissioner Jeffrey Nash, CEO of the NJEDA Tim Sullivan, and HUD’s Director of Asset Management for the NY/NJ Region Dean Santa, joined HVPG to celebrate the progress made thus far in this significant project. Their presence underscored the broad support and collaborative efforts driving the renovation of Northgate One.
Andy Cavaluzzi, Partner and Co-Founder of HVPG, welcomed attendees and emphasized Northgate One’s historical significance and the collective efforts required to realize this project. He also extended gratitude to the residents for their patience and trust, reading remarks from Karen Merricks, president of the building’s tenant association: “Today marks a transformational moment for Northgate One. Together, we are turning the page to a brighter future for our community. This has been a long time coming, and we’ve been waiting for somebody to take over and do this right for a long time. Hudson Valley came along, and they want to do great things for us. All the residents are looking forward to this change. We’re so excited. Let’s celebrate this groundbreaking event as the start of a new opportunity, growth, and positive change for Northgate and the City of Camden.”
HVPG acquired the Northgate property in January 2024, and has since embarked on a multi-year renovation project involving extensive upgrades aimed at enhancing living conditions and overall experience for its residents. The completed work includes the installation of a new roof, the first new elevator, and the first block of unit upgrades, encompassing in-unit bathroom, kitchen, and safety improvements. In progress are façade work, the first-floor amenity space which includes a new management office, laundry room, and fitness space, lobby renovations, security installations, site and building-mounted lighting, and the installation of a video intercom system. Next on the horizon are building façade color enhancements, the installation of new balcony railings, storefronts, windows, decorative and security fencing with vehicular gates, site work and landscaping, and the reopening of the parking deck and garage.
Jason Bordainick, Co-Founder and Managing Partner of HVPG, emphasized the critical role of partnerships in making the project possible, expressing gratitude to the various stakeholders involved, including the City of Camden, the Camden County Improvement Authority (CCIA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA), and financing partners PGIM, The Metro Company, Citizens Bank, and BlueHub Capital. “This project exemplifies our commitment to creating and preserving affordable housing where communities need it the most, just like here in Camden. It’s a responsibility we take seriously, and we believe strong communities are built on strong partnerships,” Bordainick stated.
“Quality housing is at the heart of a vibrant and healthy community,” said Camden Mayor Victor Carstarphen. “The city, county, state, and Hudson Valley Property Group are pleased to announce this $130 million renovation of Northgate while maintaining its affordability. Hudson Valley Property Group brings a proven track record of providing high-quality affordable housing for their tenants. I can assure those who live at the renovated Northgate One, they will be residing in the high-quality housing which they deserve. My administration is excited about the prospects of positive change, and we expect a renovated Northgate One to help transform the surrounding community… bringing with it new opportunity, new jobs, and additional investment in Camden.”
The impact of the renovations is already being felt by Northgate One residents. Jose Casimiro, who lives in a renovated third-floor apartment, expressed his satisfaction, stating, “We’ve been waiting for this project for a long time. It’s simply beautiful!” Another resident, Tyran Gorham, who has lived in Northgate One for nearly a decade, shared his enthusiasm: “We’ve heard so many promises that haven’t come true. To see what we’ve been told actually being carried out, with results, is refreshing.”
“We can see the state of Northgate improving and being enhanced every day since Hudson Valley has taken over this building. That said, this project is sure to create immense positive change for residents and the community as a whole,” said Commissioner Director Louis Cappelli Jr. “Thanks to new ownership the tide is finally turning for Northgate I and the years of deplorable conditions can be put to rest as this revitalization will mark a new chapter for the residents of this community.”
With approximately 14 months of work remaining, the progress made so far is a testament to HVPG’s dedication and the collaborative efforts of all involved, and HVPG looks forward to the transformative changes still to come.
