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

CAMDEN, N.J. — June 5, 2026 — Hudson Valley Property Group (HVPG) has completed a $130 million preservation and renovation of The Encore, a 321-unit, 21-story affordable family housing tower at 433 North 7th Street in Camden, New Jersey, the firm announced Thursday. The 18-month renovation was completed in August 2025, with an official ribbon-cutting ceremony held June 4 alongside city, county, state, and federal partners.

The project — formerly known as Northgate One — carried an all-in cost of approximately $405,000 per unit. No residents were displaced during construction, as HVPG employed an on-site relocation approach throughout the renovation period.

A Complex Capital Stack Anchored by LIHTC, Section 8, and New Jersey's Aspire Program

The financing structure behind The Encore reflects a layered approach to large-scale affordable housing preservation. Citizens Bank provided a $32.9 million construction loan and $53.3 million in Low-Income Housing Tax Credit (LIHTC) equity, along with an additional $1 million in Housing Opportunity Fund equity directed toward resident-focused amenities. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) contributed $49 million in LIHTC allocation to support the renovation.

The project is also among the first affordable housing preservation transactions to utilize New Jersey's Aspire tax credit program, administered by the New Jersey Economic Development Authority (NJEDA) under the Economic Recovery Act of 2020.

Additional financing partners include HUD, the Camden County Improvement Authority, the City of Camden, Enterprise Community Partners, PGIM, BlueArc Capital, and Fallbrook Finance.

"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 secured through a new 20-year project-based Section 8 HAP contract covering 96.5% of units, capping residents' rent burden at 30% of household income. The property is also subject to a 30-year LIHTC compliance period restricting all units to households earning no more than 60% of Area Median Income.

"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," said Melanie R. Walter, Executive Director of NJHMFA. "The Encore is a striking embodiment of the spirit of renewal and transformation that drives 'Camden Rising.'"

Scope of Renovation: Systems, Façade, and Energy Efficiency

The $48 million construction scope covered a comprehensive renovation of all 321 units, a reimagined building façade, infrastructure upgrades, new amenity spaces, and energy-efficiency improvements projected to reduce energy consumption by 28.3%.

Unit upgrades included new kitchens with Energy Star appliances, renovated bathrooms with WaterSense fixtures, through-wall heat pumps providing both heating and air conditioning, new flooring, and LED lighting throughout. New shared amenities include a fitness center, business center, community room, and energy-efficient laundry facilities. A restored two-story penthouse appointed with era-appropriate décor will be used for special events.

Citizens Bank also funded free high-speed internet access for all units and common areas. Security enhancements delivered through HVPG's Community Enhancement Program include 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."

Community Programming Expands Beyond Physical Renovation

Beyond the physical transformation, The Encore introduced three resident-focused programs. Encore Kids!, funded by Citizens Bank, is a 1,300-plus square-foot indoor children's play space featuring wooden play structures and Montessori toys, available at no cost to all families at the property. A partnership with Philadelphia-based nonprofit Fresh Artists displays artwork by Camden-area students in common areas while directing funding to art programs in underserved public schools. A third initiative, the Pineland Alliance Urban Farm, provides an on-site produce farm with educational programming and cooking demonstrations to expand resident access to fresh food.

"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."

"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."

Camden Mayor Victor G. Carstarphen also praised the investment at the ribbon-cutting ceremony. "The $130 million investment in this property will ensure an improved quality of life while preserving its long-term affordability for generations to come," Carstarphen said.

Hudson Valley Property Group describes itself as a national affordable housing preservation company. The Metro Company, KMA Design Studio, and ETC are listed among the project's development and design partners.

Sources

Hudson Valley Property Group — HVPG Completes $130 Million Transformation of The Encore, Preserving 321 Affordable Units in Camden, NJ (June 5, 2026)