Originally built in the 1920s, the property, located in East Orange, NJ near City Hall and public transportation, had been neglected and abandoned for many years to the point where a tree was growing through the vacant building and right out of the roof.
In 1991, Landex substantially renovated the building, creating 60 affordable housing apartments on six floors with an elevator, a central laundry facility, and a Head Start Classroom Program. The renovation was financed through the Low Income Housing Tax Credit Program and bonds from the New Jersey Housing Mortgage Finance Corporation.
In 2015, Landex refinanced the property and performed many improvements including energy efficient and “green” building upgrades including new elevators and a new roof, and added energy saving measures to ensure the long-term preservation of the affordable housing.
Chestnut Park’s renovations have reduced its energy consumption. In addition, for the preservation of the affordable housing, Landex was able to return to NJHMFA more than $4,000,000 of subordinate loan proceeds, to be used to finance other affordable housing developments in New Jersey.