BEDMINSTER, NJ--(Marketwired - Jan 26, 2017) - Peapack-Gladstone Financial Corporation (NASDAQ: PGC) and Peapack-Gladstone Bank have announced financial sponsorships through the Federal Home Loan Bank of New York to support the construction of safe and decent affordable housing for low-income households. Combined with the Bank's client, Ingerman, a leading developer, builder and manager of award-winning multi-family communities throughout the Mid-Atlantic Region, the awarded financial support of construction will enrich New Jersey's communities while providing for those most in need.
The first award to Ingerman in the amount of $525,000 will assist in the development of The Residences at Symphony Hall, a 4-story, 60-unit affordable rental community located in Newark, Essex County, New Jersey. Approved through the 2016 Affordable Housing Program (AHP), this project will contain 20 one-bedroom and 40 two-bedroom low-income units. Fifteen units will be allocated for residents with special needs, six units for individuals with mental illness, and nine for homeless individuals with a disability. The remainder of the units will be marketed to the growing artistic community.
The second Federal Home Loan Bank AHP sponsorship of $355,000 will be utilized in the development of The Willows at Westampton project, a 72-unit affordable multi-family rental community located within the Township of Westampton, Burlington County, New Jersey. This project consists of six three-story residential buildings and one stand-alone community building. The Willows at Westampton will also contain five special needs units to be utilized by formerly homeless individuals.
Through the Federal Home Loan Bank of New York, Peapack-Gladstone Bank is proud to be a sponsor of Ingerman, in providing high-quality, state-of-the art construction of both The Residences at Symphony Hall and The Willows at Westampton providing vital low-income housing and enriching residential communities within the State of New Jersey.
Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $3.77 billion as of September 30, 2016. Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative private banking services to businesses, real estate professionals, non-profits and consumers, which help them to establish, maintain and expand their legacy. Through its private banking locations in Bedminster, Morristown, Princeton and Teaneck, its private wealth management, commercial private banking, retail private banking and residential lending divisions, along with its online platforms, Peapack-Gladstone Bank offers an unparalleled commitment to client service.