Brainerd Street Commons

Courier Post (Mon, Sep/26/2005)

Mount Holly, NJ—October 25, 2005-- Woolman Community Development Corporation (Woolman) announced it has begun selling Memberships into Brainerd Street Commons LLC, a unique age-restricted (62-years and older) cooperative community located at the Mt. Holly property formerly owned by Medford Leas and used as a satellite campus for independent living. Woolman was formed in April of 2004 by a group of local Quakers in response to the news that Medford Leas would be selling the 23-unit apartment complex that was especially designed for older adults. "We wanted to preserve the high quality of the apartments, the beautiful gardens and lawns, and most important, the lifestyle and positive influence this apartment community has had on those who lived within it as well as the surrounding neighborhood," said Maurie Stevenson, President of Woolman.

"We knew many of the people living there, and they were all so happy living there. Not just because of the spaciousness of the apartments and the many amenities that the property offered, but also because of its location. They could easily walk to town, to shop, to dine, to worship. It's accessible to just about everything. Also, they were a part of a neighborhood. There are no gates. The people living there liked that," said Karen Robbins, Woolman's director.

Figuring out the best way to preserve the property took a lot of thought and time. Although Woolman is set up as a not for profit corporation dedicated to economic, housing and community development, it ultimately decided to take a route not typical of a not for profit and got conventional financing made possible due to the Board Members' own financial commitment to the project. Armed with the flexibility of a private financing Woolman was able to achieve its objectives of creating a community that would allow residents to experience many of the benefits of homeownership without having to face all of the responsibilities typically required of a homeowner. For example, a managing agent living in one of the apartments will serve as a form of property caretaker, handling maintenance requests and providing for the basic care of the property. As Robbins explains, "We think it's important that residents have someone there on the property. It adds a sense of security and offers a lot of service. He will also be there to help residents with some of the things that can be challenging to some older people. He'll be there to help out when the smoke detector goes off, or maybe when that hard to reach light bulb needs to be replaced. Surely, not everyone will desire this service. But I know it can be a help to some. I had my mother in mind when we came up with the idea".

Since Woolman's objectives for Brainerd Street Commons were all focused on the long term, a condominium form of ownership did not seem appropriate. Subsequently, it created a unique cooperative community that allows it to manage the property while both Woolman and the residents own the company owning the real estate.

The re-sellable Memberships are reasonably priced and are based on the size and location of the apartment designated for each Membership. Beginning at $95,000 Woolman believes the apartment community provides opportunities for the kind of amenitized adult community living that is not currently available for those who choose not to or cannot carry the large sized mortgages that many of the newer age restricted communities are requiring. The facility has recreational areas and is being renovated. The porches and balconies are being refurbished and each apartment already has a fresh coat of paint and new carpet. As Robbins points out, "Most of the apartments are 769 square feet, which as a spacious one-bedroom, offers a much more manageable gas and electric bill, a valuable attribute, in this post Katrina time. And then most of everything else--- taxes and the cost of operations, we estimate to be below $600 per month for a one-bedroom apartment. One of the benefits of our new ownership structure is that Woolman will be working for the residents, and we'll be watching expenses. It won't have to be a neighbor sitting on the Board. If the monthly fees need to be increased, we will raise them. But, if we collect more than we use, the residents will get it back in the form of a rent rebate. That's one of the great benefits of being a resident landlord. Since our residents own a piece of the company that owns the real estate, the residents will save money. The only profit to be made will be found in the quality of life the residents will enjoy."