Pewter Village Confused by Pending Sale

Borough commissioners last week approved a resolution to keep Collingswood's current agreement with housing complex the same after the senior housing complex is sold. 

The resolution will ensure that once sold—according to the most recent municipal budget—an annual payment of nearly $68,000 that Pewter Village pays the borough in lieu of taxes will continue with the new owners. 

The resolution was approved Monday without an abundance of public comment.

But the sale of the 55-and-older housing community, located at 1000 Eldridge Avenue, raised questions within Pewter Village's own gates. 

Pewter Village Property Manager Joanne DelliPaoli, who has headed all marketing, leasing, repairs and other managerial operations for the housing complex since before it was redeveloped years ago, wasn't aware the village was being sold.

"I didn't know anything about this," said DelliPaoli Wednesday of the impending sale, two days after it was publicized at the commission meeting. "I've been working here a long time; I even moved into the complex because of my job. I live on-site. And I was told nothing about the village being sold."

According to property reports provided by borough officials, Pewter Village is currently owned by Pewter Village Urban Renewal, an LLC housed in the same offices as affiliate and village developer, Costanza Builders, in Cherry Hill. 

Borough officials said the sale of Pewter Village is pending, but is not finalized and settlement has not been made.

Borough Administrator Bradford Stokes said Friday evening that Woodlake Management, Inc., of Lakewood, is purchasing the senior residential complex.

"We do not know how much the transaction is for yet," said Stokes, when asked the sales price of Pewter Village.

Tax billing records show that land value is $840,000, and its developed net value $5,208,000.

While Pewter Village's property manager received confirmation of the pending sale from Patch, she did admit she'd heard rumors. 

"At this point, I didn't know anything for certain about a sale, but I have heard people talking here and there," said DelliPaoli. "I've overheard people talking about a possible sale at borough hall, and I've even heard similar things from residents of Pewter Village. 

"(Monday's resolution approval by commissioners) just confirms what I've been hearing," said DelliPaoli. 

DelliPaoli said she can only recall one incident which might have been connected to the new buyer, Woodlake Management, Inc.

"Some businessmen did come in here (Pewter Village) recently, but none of them would give me a business card," she said. "But who knows if they were with the company buying this place, or for some other reason."

During Monday's commission meeting, Mayor James Maley couldn't provide detail into the imminent sale. He could only say the borough is not considering lifting age requirements for Pewter Village residents. 

"There is great pressure out there in today's market to lift age restrictions (on age-qualifying residential communities), because the real estate market has become very difficult, and many developers (are being given permission) to lift age restrictions," said Maley. "It's important to the borough to keep the current age restriction on the property." 

The push to lift age restrictions, said Maley Monday, stems from lack of sales in the housing market.

"In the market, for people who are aged 55 and over, whose kids are all grown up, they're ready now to move into a 55-and-older community," said Maley. "But they just can't sell their homes."

Maley could only provide a ballpark estimate of when the sale will be final. 

"The financial agreement is being signed over, and the sale itself is coming," he said. "We met with the (current) owners and it should be sealed in the next month or so."

While the borough voiced certainty that age restrictions will not change at Pewter Village, DelliPaoli still has unanswered questions. 

"I don't see how selling to a new owner wouldn't affect our residents in some way," said DelliPaoli, whose concerns arise not only from her role as a property manager, but a resident as well.