The conversion of the Clarion Hotel and Convention Center into an 84-unit affordable housing development in the Atlantic City, N.J., suburb of Egg Harbor Township is nearly complete.
WNC provided approximately $14.5 million in low-income housing tax credit (LIHTC) equity to fund the conversion.
“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,” said Michael Gaber, WNC executive vice president and COO.
Developed by Rukenstein & Associates in approximately 18 months, The Atrium Apartments of Egg Harbor is a LEED-Gold community that includes one six-story building comprised of 16 one-bedroom units, 43 two-bedroom units, and 25 three-bedroom units.
The development features onsite management, a computer center, laundry facility, fitness center, community room, tenant storage, and a recreation area that includes a gazebo, playground, and pavilion.
The apartments are conveniently located near entertainment, recreation, prominent thoroughfares, employment opportunities, and shopping.
EHT Affordable Housing LLC is the general partner of the project.
Founded in 1971 and headquartered in Irvine, Calif., WNC is a national investor in real estate and community development initiatives, as well as a leading LIHTC syndicator. WNC has acquired more than $7 billion of assets, totaling in excess of 1,225 properties in 45 states, Washington D.C., and the U.S. Virgin Islands.