Residences at Choctaw Offers High Quality Housing for Saddle River Families with Moderate Incomes

CAMDEN, NEW JERSEY / ACCESS Newswire / October 27, 2025 / Saddle River Mayor Albert J. Kurpis and Borough Councilman Christopher DiGirolamo today joined executives from The Michaels Organization, as well as residents and other state leaders, to celebrate the grand opening of the Residences at Choctaw. Already fully occupied, the new community offers high-quality, affordable housing to Saddle River residents with low and moderate incomes.

"This project represents Saddle River's commitment to fulfilling its state housing obligations responsibly. It preserves our natural setting, while meeting the highest standards of architectural and community design," said Mayor Kurpis. "The Residences at Choctaw stands as an example of how responsible planning can achieve both compliance and quality."

Located off East Allentown Road, the Residences at Choctaw is designed as a three-story, garden community, set among trees, and featuring a variety of amenities, including a clubhouse with a community room, a fitness center, a basketball court, and a tot lot. The spacious apartments are offered in one-, two-, and three-bedroom layouts. The community, comprising 111 apartment homes, is affordable to households earning less than 60 percent of the Area Median Income (AMI), with 20 percent of the units available to those earning no more than 30 percent AMI.

"We are very proud to be the Borough's private sector partner, bringing this much-needed affordable housing to Bergen County," said Michaels Executive Vice President Jonathan Lubonski. "We are grateful for the Borough's leadership, as well as the support of the community and our financial partners, for their support."

The community attracted more than 3,000 applications, showcasing the need for affordable housing in Bergen County.

Others who joined the Mayor and Councilman to cut the ceremonial red ribbon at today's ceremony included Terry Tucker, Chief of Staff at the New Jersey Housing and Mortgage Finance Agency, which provided both the federal Low Income Housing Tax Credits as well as Affordable Housing Gap Subsidy funds to the development. Additionally, financial support came from the Federal Home Loan Bank of New York, which was represented at the ceremony by Community Investment Officer Peter Grof.

Several residents who just moved into the Residences at Choctaw joined the ceremony. Because the community is owned and managed by The Michaels Organization, residents will be eligible to apply for scholarships from The Michaels Organization non-profit foundation for post-secondary education at any accredited college, university or vocational school throughout the country. This year, the foundation awarded more than $2.5 million in scholarships to residents of Michaels' communities.

Other partners in the development included Urban Practice, which served as the Architect and Michaels Construction, which served as the general contractor. Berkadia Affordable Tax Solutions syndicated the tax credits. TD Bank provided the construction loans and M&T Realty Capital Corporation provided the permanent mortgage.

About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in more than 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.

SOURCE: The Michaels Organization

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