Renovation work has begun on Kingsbury Towers, a two-building, 304-unit affordable housing complex in the heart of Trenton. Sena Affordable Communities, an affiliate of L+M Fund Management, and Cortell Development Group will extensively renovate and upgrade all apartment interiors as well as common areas. The $124 million modernization project is expected to be complete by summer 2026.
“Kingsbury Towers has long been a key residential complex in Downtown Trenton,” said Trenton Mayor W. Reed Gusciora. “We are proud to collaborate with Sena Affordable Communities and Cortell Development Group in rehabilitating this living space and providing quality affordable housing to our residents.”
Financing for the project was facilitated through a partnership with the New Jersey Housing Mortgage Finance Agency (NJHMFA), the City of Trenton and TD Bank. NJHMFA provided tax-exempt bonds and permanent financing. Raymond James Affordable Housing Investments contributed funds through the Low-Income Housing Tax Credit program, and TD Bank furnished construction financing. Because of the new financing, the affordability agreement governing Kingsbury Towers will be extended until 2072.
“The renovations that are underway at Kingsbury Towers will ensure that residents of Trenton have access to high-quality affordable housing opportunities for decades to come,” said Melanie R. Walter, Executive Director of NJHMFA. “We are proud of NJHMFA’s role in supporting this rehabilitation effort from its inception, including providing more than $80 million in agency financing.”
Sena and Cortell Development will transform the current living spaces with major upgrades, including stainless steel appliances, quartz countertops, energy-efficient windows and modernized bathrooms. The exteriors, elevators, roofs, and HVAC systems will undergo significant renovations and upgrades. The plans also include making 16 units accessible.
Built in 1972, Kingsbury Towers is a permanently affordable community. To make the renovation process seamless, WinnCompanies has been retained to manage the property and Connected Communities will provide on-site social services to all residents. Throughout the planning and renovation process, the property and development teams have done extensive outreach with residents, sharing plans, and providing updates on progress and changes.
“Our goal is to ensure communities have access to high-quality and affordable housing, and we look forward to doing just that by rehabilitating Kingsbury Towers for all of its residents,” said Jeffrey Moelis, Co-Founder of Sena Affordable Communities. “Preserving the affordability of homes for those that need them the most is crucial for the next generation of residents.”
