Developer Walters Group has opened Cornerstone at Greentree, a fully affordable senior housing community in Marlton, N.J. The 68-unit property has already received its first residents.
The developer financed the construction with a three-year $9.5 million construction loan provided by Citizens Financial Group, while the New Jersey Housing and Mortgage Finance Agency also contributed with a $1.6 million mortgage. Previously, the Agency collaborated with the developer by providing $12.7 million in financing another affordable community completed last year. Additional funds were provided by the local government, Yardi Matrix data shows.
The four-story building offers units available to residents aged 55 and over, making 60 percent or below the area median income. The community includes one- and two-bedroom apartments with floorplans ranging between 639 and 837 square feet.
Cornerstone at Greentree is located at 16 Stow Road, on 2.3 acres. The age-restricted community’s amenities include a fitness room, community room and shuttle service. In addition, the property offers on-site management and maintenance.
The community is less than a mile from Interstate 73, offering easy access to downtown Philadelphia and several nearby shopping and dining options. Laurel Acres Park is only 2 miles north of the property, while another recreational option, Sahara Sam’s Water Park, is 8 miles south.