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Walters Brings 91 Income-Restricted Apartments to Jersey Shore Community

SEASIDE HEIGHTS, N.J., July 8, 2019 – Walters, an award-winning developer based in Barnegat, N.J., held a ribbon-cutting ceremony to celebrate the opening of Cornerstone At Seaside Heights, a premium age- and income-restricted housing development which received Superstorm Sandy recovery funds. Among the attendees were Seaside Heights Mayor Anthony Vaz; New Jersey Housing and Mortgage Finance Agency (NJHMFA) staff; Walters’ employees and residents.

“The borough of Seaside Heights has been a special place for us. We’ve been very welcomed here and I hope that they are as proud of this community as we are,” said Joseph Del Duca, partner and director of affordable housing for Walters. “This is the only community funded through Sandy dollars that has been built on a barrier island, and there is no better place to build it than Seaside which was the dead center of Superstorm Sandy. This building has helped redevelop the community, create jobs and offer people a place to live.”

The modern 91-unit building was constructed on a compact site on the corner of Bay Boulevard and Hamilton Avenue which required sophisticated design to fit into the neighborhood. Additionally, Walters helped transform the area by tearing down several aging buildings–a former Travel Inn Motel, Seaside Lumberyard and hardware store– to build the state-of-the-art residential building. The energy efficient development meets LEED® and ENERGY STAR® standards.

“We are pleased to welcome Cornerstone At Seaside Heights which is providing safe, decent affordable housing for seniors,” said NJHMFA Chief of Staff Katherine Brennan. “This beautiful building is HMFA’s latest effort to restore the shore following Superstorm Sandy, and it’s the sixth Cornerstone development which HMFA has had the good fortune to partner with Walters. Because we hope that people will live here for years to come, we take into account future climate resiliency. A lot of care went into using wind and impact resistant materials on this property and constructing the building to help protect it and all the people living here. We believe in this community, we believe that seniors should be able to stay in their community and we believe in restoring the shore.”

NJHMFA provided $12.9 million in construction financing as well as $15.5 million in federal Community Development Block Grant Disaster Recovery assistance through the Fund for Restoration of Multifamily Housing (FRM). The FRM program was created following Superstorm Sandy to provide for-profit and non-profit housing developers an opportunity to secure zero-interest and low-interest loans to finance the development of affordable housing in the nine counties most impacted by the storm.

Cornerstone At Seaside Heights includes one- and two-bedroom apartment homes which feature high-end amenities such as upgraded interior finishes, kitchens with granite countertops and a full appliance package, washer and dryer, 24-hour emergency service, onsite management and maintenance. In addition, resident activities and events are offered through a social services coordinator. Apartments are still available with prices ranging from $875 to $995 for a one bedroom, and from $1,040 to $1,250 for two bedrooms.

Cornerstone At Seaside Heights is open to adults (55+) who do not make more than 60 percent of the county’s median income. For leasing information, call 732-793-0100. To learn more, visit www.wgapts.com.

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Photo caption: Pictured from left to right are Ed Walters Jr., Walters’ Founder and Partner; Agnes Polhemus, Seaside Heights Council member; Anthony Vaz, Seaside Heights Mayor; Katherine Brennan, NJHMFA Chief of Staff and Joseph Del Duca, Walters’ Partner and Director of Affordable Housing.

About Walters

500 Barnegat Blvd. N., Building 100, Barnegat, NJ 08005

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Media Contact:
Emily Ackel/Irene Zampetoulas
Caryl Communications
201-796-7788
Emily@caryl.com /Irene@caryl.com