Coastal Woods
The Coastal Woods project will develop 148 age-restricted (55+) condominium units in Barnegat Township, NJ. By creating stable, affordable housing at various income levels, the development helps meet the housing needs of middle-aged and senior adults in a census tract where 20% of homeowners are housing cost burdened. The project is expected to enhance the community’s economic stability and improve the quality of life for its residents.
Loan purpose: Construction
Project: Affordable, senior condominiums
Borrower: Lighthouse at Barnegat, LLC, controlled by Homes Now, Inc., is a not-for-profit community development corporation. Homes Now, Inc. constructs quality housing, including income-restricted housing for families, veterans, individuals with special needs, and women and children who are survivors of domestic violence. The organization is dedicated to creating sustainable and affordable housing solutions in the community.
Loan Details: This revolving construction loan will facilitate the creation of much-needed affordable housing options for middle-aged and senior adults.
In 2021, Partners contributed a $1 million pari passu participation to a $11 million revolving construction loan along with the Community Loan Fund of New Jersey, Leviticus 25:23 Alternative Fund, and Capital Impact Partners. The loan was structured on a revolving basis and provides total funding of $24,000,000 over the project’s four-stage development plan.
In 2023, Partners, the Community Loan Fund of New Jersey, Leviticus 25:23 Alternative Fund, and Capital Impact Partners, increased Lighthouse at Barnegat LLC's existing revolving construction loan to $12 million. This included a $90,000 increase in Partners’ commitment, raising it from $1 million. The loan increase supports the completion of the development's construction despite the cost increases the project faced in 2023.