Tuesday, February 23, 2016

Atlantic City, NJ Affordable Housing Community Emerges from Hurricane Sandy Destruction

Kelly Henderson
ATLANTIC CITY, N.J. – (Feb. 23, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that the conversion of the Clarion Hotel and Convention Center into The Atrium Apartments at Egg Harbor, an 84-unit affordable housing community in the Atlantic City suburb of Egg Harbor Township, New Jersey, is nearly complete.

WNC provided approximately $14.5 million in low-income housing tax credit (LIHTC) equity to fund the conversion.

An open house was held for resident applicants to tour the property and discuss the development with project leaders. WNC’s Kelly Henderson, Senior Vice President of Originations, attended the event.

“WNC is thrilled to announce the completion of The Atrium Apartments at Egg Harbor, an affordable housing community that will provide a new and safe place for families to live after being displaced as a result of the devastation of Hurricane Sandy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

Michael Gaber
“The need for affordable housing is particularly acute in this region, and WNC is pleased to help deliver this exceptional new community to the working families of the Atlantic City region.”

Located at 6821 Black Horse Pike, The Atrium Apartments of Egg Harbor is a LEED Certified Gold Standard community that includes one six-story building comprised of 16 one-bedroom units, 43 two-bedroom units, and 25 three-bedroom units.

The Atrium Apartments at Egg Harbor offers onsite management, a computer center, laundry facility, fitness center, community room, elevator, tenant storage and recreation area that includes a gazebo, playground and pavilion. In-unit amenities include an electric range, refrigerator and air conditioning. The property is supported by the Crime Free Housing Initiative.

The property includes 230 surface parking spaces. The apartments are conveniently located near entertainment, recreation, prominent thoroughfares, employment opportunities and shopping.

The project was developed by Rukenstein & Associates in approximately 18 months. EHT Affordable Housing LLC is the general partner of the project.

For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703

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