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Refinancing Will Preserve Affordable Housing Complex in Cape May, NJ

Built in 1973, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments.

By Steve Lubetkin | Updated on November 29, 2017

“Cape May,” pictured in September 2012, by Tori Behr. Used under Creative Commons 2.0 license via Flickr.com

CAPE MAY, NJ—The Catholic Diocese of Camden is partnering with MDG Design + Construction and Hudson Valley Property Group to refinance Victorian Towers, a transaction that will include more than $8 million in capital improvements to the 205-unit senior housing development at 608 Washington Street in Cape May, NJ.

The refinancing will preserve the affordability of Victorian Towers for 20 more years, while renovations will provide necessary upgrades to the units and property.

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