Tredway and LIHC Investment Group unveil renovated senior housing at Forest Hill House in Newark

Newark, NJ Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, and LIHC Investment Group, one of the nation’s largest owners of affordable housing, were joined by Michael Browder, deputy regional administrator, and Dean Santa, asset management division director at the U.S. Department of Housing and Urban Development (HUD), and councilman Anibal Ramos Jr. to unveil the first large-scale rehabilitation of Forest Hill House, a nearly 50 year-old housing complex with 99 affordable apartments for seniors. The rehabilitation included extensive renovations aimed at modernizing outdated systems and enhancing residents’ quality of life and connectivity. The developers have also extended affordability at all apartments for another 30 years, targeting low-income households earning 60% area median income (AMI). Tredway and LIHC acquired and began renovation of the property in 2024.

“After its first major renovation in nearly 50 years, Forest Hill House now provides residents with the high-quality housing they deserve and that enables them to age with dignity,” said Will Blodgett, CEO & founder of Tredway. “With exceptional amenities and services, this is a space designed to foster connection, vitality, and comfort, and by maintaining affordability, we’re giving residents stability and the reassurance that they can remain in their homes for years to come. As we’ve done at Forest Hill House, our team is committed to protecting vulnerable populations and preserving their communities nationwide.”

“The preservation and rehabilitation of Forest Hill House reflects our long-term commitment to ensuring affordable housing is not only maintained but improved to meet the specific needs of our residents,” said Andrew Gendron, principal, LIHC Investment Group. “These enhancements are designed to strengthen resident support systems, promote wellbeing, and reduce barriers to care through on-site services our seniors can rely on. We are especially grateful to HUD for supporting this important preservation effort, and to Tredway for their collaboration in delivering this result for our residents and the broader community.”

“I want to thank Tredway for making these renovations, allowing residents to continue living in safe, modern and affordable homes that support our seniors’ dignity, independence and quality of life,” said Ramos Jr. “By preserving affordability for decades to come and investing in services and amenities for seniors, this effort strengthens both the building and the community around it.”

“The renovation of the Forest Hill House in Newark exemplifies the power of public-private partnerships in expanding affordable housing options, improving quality-of-life for residents, and strengthening neighborhood vitality,” said NJEDA chief executive officer Evan Weiss. “Through the Aspire Program, governor Sherill and the NJEDA are making meaningful investments into projects that will have a transformative effect on local communities, helping improve the lives of New Jerseyans across the state.”

“This development is building a stronger community by preserving and enhancing access to high-quality affordable housing for people who are a part of the fabric of Newark and wish to remain a vital part of their city and their neighborhood,” said Mary O’Connor, senior vice president and regions affordable housing relationship manager. “Forest Hill House reflects our shared commitment to expanding access to safe, high-quality housing. The redevelopment of Forest Hill House will help strengthen the Newark community and improve quality of life for the seniors who call it home.”

Renovations to the apartments and common areas transformed the property into a modern environment tailored to the needs of its aging resident population. The developers renovated all kitchens and bathrooms, featuring new cabinets, stone countertops, tiling, tubs, fixtures and flooring, while also incorporating ADA-accessible upgrades to create a safer and more comfortable living space. Every apartment now features new windows, air conditioning units, and Energy Star appliances. To maximize energy efficiency throughout the property, roof boilers and emergency generators were replaced, and all lighting was converted to LED. Additionally, the building’s 1,000 s/f patio was refurbished with new furniture and landscaping, and the developers added an additional 300 s/f of enclosed outdoor space.

New amenities are aimed at improving health and wellbeing and fostering connectivity, including an on-site doctor’s office, nursing station, beauty station, fitness and mobility room, and free community wide Wi-Fi. Through partnerships with Northward Senior Transportation and Mount Prospect Partnership, resident services have expanded, including local trips and transportation, holiday food giveaways, and fire and life safety training. 

The $42 million project was financed with a permanent loan from Rockport Mortgage Corp. through NJHMFA conduit bond issuance, 4% Low-Income Housing Tax Credit (LIHTC) equity provided by Regions Affordable Housing and BNY, Aspire tax credits and owner equity. The project is one of the first instances of Aspire financing the acquisition and renovation of a LIHTC project, as well as one of the first Aspire projects completed in the City of Newark. Affordable Housing Institute, Inc. is the nonprofit partner. SHP Management is the property manager. The project architect is Inglese Architecture + Engineering.

Forest Hill House is Tredway’s second acquisition in New Jersey, following the purchase of the Riverview Towers Apartment in Camden with Sena Affordable Communities, an affiliate of L+M Fund Management. Riverview Towers Apartments comprises 225 senior-friendly and affordable apartments. Tredway recently completed renovations aimed at modernizing the property and has extended affordability for 30 years at 60% of the area median income (AMI).

Tredway is a real estate development firm that acquires, revitalizes, and preserves affordable, workforce and mixed-income housing across the country. Their work is driven by the belief that safe, high-quality, and accessible housing is an important catalyst for upward socioeconomic mobility and an essential part of fostering the American Dream. 

For 30 years, LIHC Investment Group has been recognized as one of the industry’s most respected real estate investment firms. Led by Charlie and Andrew Gendron, the firm holds ownership interests in more than 37,500 multifamily housing units nationwide and consistently appears on Affordable Housing Finance’s Top 50 Affordable Housing Owners list, as well as its Top 10 Companies Completing Substantial Rehabs list. LIHC has partnered with more than 4,500 limited and general partners to acquire over $6.5 billion in assets across major metropolitan markets, including New York City and Boston. 

Regions Financial Corp., with $161 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,200 banking offices and more than 1,750 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC.