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NW Financial successfully placed both the debt and the equity for development of a family low income tax credit project undertaken on the site of the former Monastery of St. Michaels. One of the largest awards made by the New Jersey Housing Mortgage and Finance Agency in 1997, this $10 million complex sits on 2.15 acres of land and will contain 70 one, two and three bedroom units along with ancillary services for its residents. Completion is anticipated by the end of 1999. Given the unique nature of the facility, which operated as a monastery and noted theological institute for well over a century, as much of the original facade and structural components as possible will be integrated into the design and construction of the new facility. The developers plan to reconstruct the buildings to preserve their historic significance and remaining Romanesque and Victorian features.
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