Leon Weiner and Associates, (LNWA), north Wilmington, has closed on financing to modernize Chelten Apartments, a 122‐unit affordable apartment community for seniors in the New Castle area.
“The push to modernize our portfolio of senior-specific affordable housing is an outgrowth of recent strategic planning initiatives,” said LNWA Vice President and developer Sean Kelly. “The rehabilitation of Chelten Apartments will not only significantly improve the quality of life for residents but also protect the apartment community’s affordability for decades to come.”
LNWA will act as development project manager and general contractor. Tax credit equity investment is being provided by The Richman Group in conjunction with Discover Bank.
The Delaware State Housing Authority facilitated the transaction by issuing bonds and Low‐Income Housing Tax Credits. Citi Community Capital will provide construction and permanent financing through a direct purchase of the tax‐exempt bonds.
“The development is an excellent example of how public‐private partnerships can complement the revitalization of neighborhoods and provide greater opportunities for individuals and families,” said Discover Bank President James J. Roszkowski.
Construction will begin in late‐September and will be completed by late 2018.
The comprehensive rehabilitation will bring a complete roof replacement, new energy efficient windows, Energy Star air conditioning systems, modern elevators, and updated appliances to improve building efficiency.
The apartments will also be given aesthetic and functional upgrades including, but not limited, to seven fully modernized, handicapped accessible units, a release stated.
Founded in 1949, Leon N. Weiner & Associates, Inc. is a multifamily development and management company. The company has been a pioneer in the affordable housing field and develops market-rate apartments and hotels.
