Hudson Valley Property Group Completes Major Preservation and Renovation of The Encore in Camden

Hudson Valley Property Group (HVPG) has completed a $130 million preservation and renovation of The Encore, a 321-unit, 21-story affordable family housing tower at 433 North 7th Street in Camden, New Jersey. The 18-month program finished in August 2025 and used an on-site relocation strategy that allowed residents to remain in place throughout construction.

HVPG and public partners held a ribbon-cutting on June 4, where city officials announced plans to designate the area between 7th Street and Elm Street as Hudson Valley Way in 2027 to recognize the investment.

"I am so excited for our North Camden neighborhood and commend Hudson Valley Property Group for committing to the City of Camden," said Camden Mayor Victor G. Carstarphen. "The ribbon cutting for The Encore is not only a new beginning for the building, but also for its residents. I am impressed by the enhanced community spaces, amenities, and high-quality renovations. It's a vibrant environment and the overall transformation is simply remarkable. The $130 million investment in this property will ensure an improved quality of life while preserving its long-term affordability for generations to come."

"This project exemplifies our commitment to preserving and enhancing affordable housing in the communities that need it most," said Jason Bordainick, Co-Founder and Managing Partner of HVPG. "Strong communities are built through strong partnerships, and The Encore is proof of what those partnerships can achieve."

The $48 million construction scope covered comprehensive unit renovations, a reimagined façade, infrastructure upgrades, new amenity spaces, and energy-efficiency measures projected to reduce energy consumption by 28.3 percent. Unit work included new kitchens with Energy Star appliances, renovated bathrooms with WaterSense fixtures, through-wall heat pumps for heating and cooling, new flooring, and LED lighting.

New and enhanced resident amenities include a fitness center, business center, community room, energy-efficient laundry facilities, and a restored two-story penthouse for events. The property also provides free Citizens-funded high-speed internet to all units and common areas.

Security improvements were implemented through HVPG’s Community Enhancement Program, including a sitewide high-definition monitoring system, audiovisual intercom, access control at entrances, a site-specific emergency plan, and coordination with the Camden Police Department.

"This is the first time in a long time that I felt safe. I started to feel unsafe after 30 years of living here, and you guys gave us back our security," said Karen Merricks, a 30-year resident of The Encore.

The project used New Jersey’s Aspire tax credit program administered by the NJEDA and received $49 million in Low-Income Housing Tax Credits from NJHMFA. Long-term affordability is secured by a new 20-year project-based Section 8 HAP contract covering 96.5 percent of units and a 30-year LIHTC compliance period limiting occupancy to households at or below 60 percent of Area Median Income.

Resident-focused programming was added at the property, including Encore Kids!, a no-fee indoor play space funded by Citizens Bank; Fresh Artists, which displays student artwork and supports school art programs; and the Pineland Alliance Urban Farm, which provides on-site produce and educational programming.

Financing included a $32.9 million construction loan and $53.3 million in LIHTC equity from Citizens Bank, plus $1 million in Housing Opportunity Fund equity. HVPG acknowledged partners including HUD, NJEDA, NJHMFA, Camden County Improvement Authority, Enterprise Community Partners, PGIM, BlueHub Capital, Fallbrook Finance, The Metro Company, KMA Design Studio, ETC, Fresh Artists, and Pineland Alliance.

The Encore demonstrates a preservation approach that combines physical rehabilitation, resident services, energy improvements, and layered public-private financing to maintain long-term affordability while updating building systems and amenities.