Eastern Pacific Development LLC announced that it started construction on Landis Square Senior Apartments, a three-story structure at the corners of East and Landis avenues in Vineland. The community will offer 71 affordable housing rental units, including ten for seniors with special needs in addition to 10,000 square feet of retail space. The project is scheduled for completion in November.

The Vineland-based company and developer of the project secured $17.8 million in financing for the construction. The amount includes capital contributions from investors for the purchase of federal low-income housing tax credits awarded by the New Jersey Housing and Mortgage Finance Agency through a competitive process. “It took six separate applications to the State of New Jersey to obtain the tax credit allocation, so yes it was (difficult),” Hans Lampart, founder & CEO of Eastern Pacific Development, told Multi-Housing News. First Sterling Financial Inc. and J.P. Morgan ensured $14.9 million for buying the low-income tax credits.

Jeffrey Beenstock of Ballard Spahr’s New Jersey office represented Eastern Pacific Development in closing the financing and also the acquisition of the land, a process that started more than eight years ago. “This project took over eight years to get to construction commencement due primarily to issues with acquiring the land on which it was constructed. The property is in a redevelopment area, which allows municipalities to acquire land that is deemed blighted. The property owners objected to having their properties acquired and litigation between the City and the property owners ensued,” Beenstock told MHN. Eventually, most of the actions were settled.