(Camden, NJ) – Camden County Freeholder Jeff Nash, Camden Mayor Frank Moran, Congressman Donald Norcross and State Senator Nilsa Cruz-Perez were among the community leaders who celebrated the start of 11 Cooper apartments at a groundbreaking ceremony hosted by CP Residential.
“The investment of private capital is critical to Camden’s future because it helps create jobs for city residents and newcomers alike,” Freeholder Jeff Nash said. “These new market rate apartments are a major step forward in Camden’s progress and a clear sign its future is brighter than it has been in decades.”
The $48 million residential development will bring 156 new rental homes to the Camden waterfront in an environmentally conscious, amenity-rich mid-rise building.
“10 years ago – even five years ago – almost no one believed in Camden’s potential, and now look where we are today,” Mayor Frank Moran said. “The city has seen a remarkable turnaround – from a dramatic drop in crime, to historic gains in our schools, to billions of dollars in new investment, including today’s announcement. Together, we are making Camden a real destination to live, work, and play.”
The first newly constructed market-rate apartment building to be developed in Camden City in 25 years, 11 Cooper will offer both market-rate and affordable apartment homes to new families and young professionals looking to join the city’s growing workforce.
“It’s amazing to witness Camden’s historic transformation and it’s an honor to be a part of it,” said Congressman Donald Norcross. “We’ve seen major improvements in schools and public safety, followed by many new employers in Camden. This project is another example of a transformation of a Camden neighborhood for generations to come. I thank everyone involved and the entire Camden community as we continue working together to make our city an even better place to call home.”
11 Cooper will offer 156 modern apartments, in a mix of studios, one- and two-bedroom layouts, in the heart of the city’s booming waterfront district adjacent to The Ben Franklin Bridge. Twenty percent of the apartments will be designated as affordable for those earning 80 percent or less of the area’s median income. 11 Cooper will incorporate the latest green technology, high-end building materials and energy efficiency.
“Camden is back to being the economic engine of South Jersey and returning to the pantheon of creativity and innovation that it was 50 years ago,” Cruz-Perez said. “This development is critical to that ongoing evolution to fill a vacuum of market rate housing with amenities that new employees and young professionals will be looking for here in the city.”
Planned amenities include a residential lobby with 24/7 concierge services, a business center, bike storage, a fitness center, and club room with adjacent roof-top terrace. On-site parking will accommodate more than 190 cars. The spacious apartments will feature stainless steel appliances, quartz countertops, and spa-inspired bathrooms. Each residence will have its own in-unit washer and dryer. In addition, 11 Cooper will offer 5,000 square feet of street-level retail space, fronting Cooper Street.
CP Residential, which owns 11 Cooper, is a partnership between three The Michaels Organization, NFI, and Conner Strong & Buckelew. The same three firms have announced they will be moving their headquarter offices to the Camden Waterfront, in an office tower that is currently under construction just steps away from the 11 Cooper apartment community.
“Residents of 11 Cooper will enjoy waterfront living in beautifully designed, contemporary apartments, and they will be at the center of the urban renaissance that is happening right now in Camden,” said John J. O’Donnell, president of The Michaels Organization, 11 Cooper’s managing partner. “Our residents will have great access to transportation, entertainment, shopping, and the employment and educational opportunities of Camden’s renowned ‘Eds and Meds’ community. We could not be more proud to be part of Camden’s revival.”
Timothy J. Lizura, President & COO of the New Jersey Economic Development Authority talked about the momentum the project is bringing.
“We couldn’t be more excited to see the end result,” Lizura said. “Together, 11 Cooper and the many other waterfront developments will provide the kind of economic boost that Camden has been awaiting.”
M&T Bank, the sole lender for the project, has worked to be part of Camden’s future.
“The progress being made in Camden is truly something to marvel at,” said Regional President for the Philadelphia and South Jersey region for M&T Bank Ira Brown. “At M&T Bank, we are committed to being a dynamic partner to those bettering the very communities we serve. It is a pleasure to see these plans come to fruition through the cooperation of invested partners.”
M&T Bank’s Commercial Real Estate Team provided CP Residential a total financing solution for the project of $48 million which encompassed construction financing, a tax credit bridge loan facility, and a commitment by the bank to purchase the tax credits. The transaction was led by M&T Bank Senior Relationship Manager, Michael Di Santo.
“At M&T Bank we recognize the potential and future the Camden Waterfront holds for the South Jersey community,” said Di Santo. “As such, the bank has been committed to supporting this project, and its sponsors, and we are thrilled to see it come to fruition to further Camden’s renaissance.”
The CP Residential team also includes Torcon, as general contractor, JKRP Architects, and Pennoni Engineers. The apartment community will begin lease-up in October 2018, with final delivery expected in Spring 2019.
This is the third phase in an approximately $1 billion development along the Camden waterfront being constructed by Liberty Property Trust. This project also compliments the more than $1 billion of private investment being made by several other corporations like Subaru of America, Holtec International, EMR and Benjamin Foods.