Hudson Valley Property Group Completes $130 Million Multifamily Real Estate Renovation at The Encore in Camden, NJ

CAMDEN, N.J. — Hudson Valley Property Group has completed a $130 million preservation and renovation of The Encore, a 321-unit, 21-story affordable multifamily housing tower at 433 North 7th Street in Camden, New Jersey, the firm announced June 5. The 18-month real estate development project was completed in August 2025 using an on-site relocation approach that allowed all residents to remain at the property throughout construction. A ribbon-cutting ceremony marking the milestone was held June 4, 2026.

Formerly known as Northgate One, The Encore represents one of the first affordable housing preservation projects to leverage New Jersey's Aspire tax credit program, drawing on a multi-layered financing structure that includes state tax credits, federal housing subsidies, and private equity.

Capital Stack

The $130 million total capitalization included a $48 million construction scope. Citizens Bank provided a $32.9 million construction loan and $53.3 million in Low-Income Housing Tax Credit equity. The bank also invested an additional $1 million in Housing Opportunity Fund equity to support resident-focused amenities.

The New Jersey Housing and Mortgage Finance Agency facilitated $49 million in Low-Income Housing Tax Credits, according to NJHMFA Executive Director Melanie R. Walter. The project also became one of the first affordable housing preservation projects to leverage New Jersey's Aspire tax credit program, administered by the New Jersey Economic Development Authority under the state's 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."

Long-term affordability is secured through a new 20-year project-based Section 8 HAP contract covering 96.5% of units, capping resident rent contributions at 30% of income. The property is also subject to a 30-year Low-Income Housing Tax Credit 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," Walter said. "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."

Physical Upgrades

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

Unit-level 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 space was also preserved for use as a special events venue.

Citizens Bank funded free high-speed internet access across all units and common areas. HVPG also implemented its Community Enhancement Program at the property, which included installation of a sitewide high-definition monitoring system, an audiovisual intercom system, access control at all entrances, a site-specific emergency plan, and active coordination 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

Beyond the physical transformation, the project introduced three community 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 places artwork by Camden-area students in common areas while directing funds to art programs in underserved public schools. A third initiative, the Pineland Alliance Urban Farm, operates an on-site produce farm offering residents access to fresh produce through educational programming and cooking demonstrations.

"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 Hudson Valley Property Group. "Strong communities are built through strong partnerships, and The Encore is proof of what those partnerships can achieve."

"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."

Camden Context

City officials at the ribbon-cutting ceremony announced plans to designate the area between 7th Street and Elm Street as "Hudson Valley Way" in 2027 in recognition of the firm's investment in the neighborhood.

"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 $130 million investment in this property will ensure an improved quality of life while preserving its long-term affordability for generations to come."

NJHMFA's Walter connected the Encore renovation to the city's broader "Camden Rising" revitalization efforts.

Hudson Valley Property Group states it has preserved more than 18,700 units across 99 properties to date. Project partners on The Encore included HUD, NJEDA, 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.

Sources: Hudson Valley Property Group press release via PR Newswire, June 5, 2026