Camden, once known as a blighted, impoverished city, is undergoing a renaissance. In fact, Camden’s crime rate has decreased by nearly 40 percent since 2012, and more than $3 billion has been invested in Camden’s economic redevelopment. Notable businesses, including the Philadelphia 76ers and Subaru, are calling Camden home, and the city’s skyline is blooming.
In late April, M&T Bank joined with Camden Mayor Frank Moran, Camden County Freeholder Jeffrey Nash, CP Residential, The Michaels Organization, NFI and Conner Strong & Buckelew, among others, to celebrate the official groundbreaking of a new $48 million apartment building, 11 Cooper.
The newly constructed, market-rate apartment building is the first in 15 years to be developed along the city’s waterfront and will be outfitted with 156 units geared towards families and young professionals looking to join Camden’s growing workforce. With easy access to Rutgers University’s Camden campus, the Camden Waterfront, and Philadelphia via the Benjamin Franklin Bridge, 11 Cooper is a sure sign of the city’s awakening – a key reason M&T’s Commercial Real Estate Team provided CP Residential with the total bank financing for the project, which included a $24.8 million construction loan, a $12.4 million bridge loan and a commitment to purchase the tax credits.