Hudson Valley Property Group Completes $130 Million Transformation of The Encore, Preserving 321 Affordable Units in Camden, NJ

HVPG marked the milestone on June 4 with an official ribbon-cutting ceremony alongside city, county, state, and federal partners. During the event, city officials announced plans to designate the area between 7th Street and Elm Street as "Hudson Valley Way" in 2027 in recognition of the firm's transformative investment in Camden.

"I am so excited for our North Camden neighborhood and commend Hudson Valley Property Group for committing to the City of Camden," said Camden Mayor Victor G. Carstarphen. "The ribbon cutting for The Encore is not only a new beginning for the building, but also for its residents. I am impressed by the enhanced community spaces, amenities, and high-quality renovations. It's a vibrant environment and the overall transformation is simply remarkable. The $130 million investment in this property will ensure an improved quality of life while preserving its long-term affordability for generations to come."

"This project exemplifies our commitment to preserving and enhancing affordable housing in the communities that need it most," said Jason Bordainick, Co-Founder and Managing Partner of HVPG. "Strong communities are built through strong partnerships, and The Encore is proof of what those partnerships can achieve."

The $48 million construction scope included the comprehensive renovation of all 321 units alongside a reimagined façade, infrastructure updates, new amenity spaces, and energy-efficiency improvements expected to reduce energy consumption by 28.3%. Unit upgrades included new kitchens with Energy Star appliances, renovated bathrooms featuring WaterSense fixtures, through-wall heat pumps providing heat and air conditioning, new flooring, and LED lighting.

New amenities include a fitness center, business center, community room and energy-efficient laundry facilities, as well as a restored two-story penthouse appointed with era-appropriate décor that will be used for special events. Residents also benefit from free Citizens-funded high-speed internet access throughout all units and common areas, helping expand access to education, job opportunities, and essential digital resources.

The project also delivered significant security enhancements through HVPG's formal Community Enhancement Program, including the installation of a sitewide high-definition monitoring system, an audiovisual intercom system, access control at all entrances, a site-specific emergency plan, and active collaboration with the Camden Police Department.

"This is the first time in a long time that I felt safe. I started to feel unsafe after 30 years of living here — and you guys gave us back our security," said Karen Merricks, a 30-year resident of The Encore. "The change is undeniable. Residents are proud of their apartments, and the atmosphere in the building has shifted completely."

The Encore represents one of the first affordable housing preservation projects to leverage New Jersey's new Aspire tax credit program, administered by the New Jersey Economic Development Authority (NJEDA) under the Economic Recovery Act of 2020.

"The NJEDA's Aspire Program supports Governor Sherrill's mission to expand housing options across the state, including for families in the City of Camden," said Evan Weiss, Chief Executive Officer of NJEDA. "This was a major renovation project that will help improve the quality of life for the residents of The Encore and expand access to community programming for families. Investments like this help bolster community revitalization, strengthen neighborhoods, and expand opportunities for future generations."

Long-term affordability is locked in through a new 20-year project-based Section 8 HAP contract covering 96.5% of units which ensures residents pay no more than 30% of their income towards rent. The property is additionally subject to a 30-year LIHTC compliance period restricting all units to households earning no more than 60% of Area Median Income.

"Today marks a new start for the 300-plus residents of The Encore, the property formerly known as Northgate One," said Melanie R. Walter, Executive Director of NJHMFA. "The rehabilitation of this 21-story building, which was facilitated by $49 million in Low-Income Housing Tax Credits from NJHMFA, has modernized the property's infrastructure and provided desperately needed improvements for every resident, making The Encore a striking embodiment of the spirit of renewal and transformation that drives 'Camden Rising.'"

Beyond the physical transformation, The Encore introduced three community-centered programs:

• Encore Kids! — Funded by Citizens Bank, this 1,300+ square-foot facility is a unique indoor children's play space featuring wooden play structures and Montessori toys secured with access control and monitored security cameras. This no-fee amenity is available to all families at the property throughout the day.
• Fresh Artists — A partnership with the nationally recognized Philadelphia-based nonprofit Fresh Artists showcases artwork by Camden-area students in the building's common areas while funding art programs in underserved public schools.
• Pineland Alliance Urban Farm — An on-site produce farm empowering residents to grow and access fresh produce through educational programming and cooking demonstrations.

Citizens Bank provided a $32.9 million construction loan and $53.3 million in Low-Income Housing Tax Credit (LIHTC) equity to support the renovation. The bank also invested an additional $1 million in Housing Opportunity Fund equity to enhance key resident-focused amenities at the property.

"The Encore shows what's possible when public and private partners come together with a shared focus on residents," said Dan Fitzpatrick, President of Mid-Atlantic and Midwest Banking at Citizens Bank. "Alongside the redevelopment, we were proud to support enhancements that make everyday life easier for families and help strengthen communities over the long term."

HVPG thanks its partners, including HUD, NJEDA, the New Jersey Housing and Mortgage Finance Agency (NJHMFA), the Camden County Improvement Authority, the City of Camden, Enterprise Community Partners, PGIM, Citizens Bank, BlueHub Capital, Fallbrook Finance, The Metro Company, KMA Design Studio, ETC, Fresh Artists, and Pineland Alliance.

About Hudson Valley Property Group
Hudson Valley Property Group (HVPG) seeks to preserve and elevate the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties aim to deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved over 18,700 units across 99 properties. For more information, visit: https://hudsonvalleypropertygroup.com/

Media Contact:
Prosek Partners for Hudson Valley Property Group
[email protected]

SOURCE Hudson Valley Property Group