'Their Own Place To Call Home': New Affordable Homes Unveiled In Red Bank

RED BANK, NJ — HABcore, Inc., the Jersey Shore’s largest provider of permanent, supportive housing, recently unveiled Rolf and Nancy’s Place, a newly renovated multi-family property in Red Bank.

Located on Wall Street, the property aims to showcase "an innovative solution to the local housing crisis," officials said.

HABcore CEO Steve Heisman described the Wall Street project as representing a "win-win" for the community, bringing a developer, a county, a municipality and a nonprofit agency together to create three new affordable homes in Red Bank.

“This partnership shows how we can creatively work together to reduce housing insecurity and revitalize a neighborhood," Heisman said.

According to HABcore Inc., the affordable homes (known as "Rolf & Nancy's Place") honor the legacy of Rolf and Nancy Margenau, who raised their three daughters in Rumson and were longtime trustees of HABcore.

Nancy was a founding trustee, while Rolf was president for 10
years, officials said.

The couple recognized the need for more affordable housing options for the most vulnerable residents of the Jersey Shore.

Rolf’s leadership combined with Nancy’s hands-on devotion to their homes set a standard of care which continues to guide HABcore’s work today, officials said.

The Wall Street property is the culmination of their dedication to HABcore’s mission to provide safe, stable housing for everyone in Monmouth and Ocean counties.

“Thanks to the generous support of the Margenau family, three households in need of an affordable rental will have their own place to call home,” Heisman said. “We are honored to have the Margenau daughters join us today to unveil a property that was created based on their parents’ commitment to serving those less fortunate.”

The Wall Street property, in disrepair with an overgrown yard, was a "neighborhood eyesore" when HABcore purchased the three-unit property in June 2025, officials said.

Funding was provided by Kalian Companies, an Atlantic Highlands-based residential housing developer, Red Bank’s affordable housing office and a Monmouth County HOME grant.

HABcore completely renovated the structure and will manage the three-unit property going forward.

In addition to the Wall Street property, Kalian is developing One Globe Court, a 40-unit, four-story apartment building at 19-29 Mechanic St. in Downtown Red Bank.

The builder’s contribution stemmed from its affordable housing obligation for the Globe Court project.

Each Wall Street unit has been fully updated with new kitchens, bathrooms, appliances, flooring and HVAC systems, officials said.

While the purchase covered the cost of the property, HABcore’s 2025 Giving Tuesday campaign raised funds to install new kitchen cabinets, appliances and paint for the units.

In addition to the professional tradespeople who completed the electrical, plumbing, HVAC, and carpentry, HABcore’s volunteer renovation crew assisted with cabinet installation, painting and yardwork.

Tenants who have met affordable housing income requirements are expected to move in this summer.

To learn more about HABcore, you can visit their website.