The Healthy Way
Unlike other waterproofers in New Jersey, we provide our customers with a streamlined process for all of their waterproofing needs. Our goal is to get to the crux of your home’s issues. If we spot signs of water in your basement, we go right to the source of the problem, working hard to fix structural deficiencies to prevent problems like mold growth and foundation damage. We are proud to be New Jersey’s one-stop shop for all of your basement waterproofing needs. New Jersey homeowners choose Healthy Way because our experts are friendly, experienced, harworking, and fully certified. We won’t rest until your waterproofing problems are solved. Because we specialize in both interior and exterior waterproofing services, you won’t have to worry about hiring a laundry list of contractors to correct your moisture problems. With Healthy Way provides all-inclusive basement waterproofing in Deal, it’s no surprise that New Jersey residents trust Healthy Way to make their homes more livable every day.
The Healthy Way Difference
At Healthy Way, we strive to set ourselves apart from the competition by offering the best basement waterproofing services in New Jersey. We won’t be happy with our work until you are 100% satisfied, whether you need a thorough moisture inspection or a large-scale waterproofing project. Our basement waterproofing experts are certified, trained, and have worked on more than 4,000 repairs. They understand that your moisture problems aren’t like anybody else’s, which is why all of our waterproofing proposals are created specifically for your home. You won’t find any “one-size-fits-all” solutions here, and we wouldn’t have it any other way.
- Best warranties in the industry
- Free initial inspection
- Full-service basement waterproofing
- Mold remediation
- Foundation repair
- Water management solutions tailored to your unique situation
Once your basement waterproofing project is complete, we make it a point to keep our staff available to address any questions or concerns you may have. Our goal is your 100% satisfaction, from the moment you call our office to schedule an inspection to the time you sign off on our work.
Waterproofing Services in New Jersey
With more than two decades of experience and a team of fully certified and trained waterproofing professionals, there is no waterproofing project in New Jersey that we can’t handle. When not addressed, water and moisture problems can cause serious health risks for your family. We’re talking buckling walls, sinking foundations, and even toxic mold. With your home’s value and your family’s health on the line, you must attack these problems head-on, and the best way to do that is by bringing in the Healthy Way team. Some signs of existing water problems in your home can include:
- Signs of rust or oxidation on metal fixtures
- Mildew residue
- Water stains on your foundation’s walls and floors
- Erosion of your concrete
- Mineral deposits found on pipes
- Flooded landscaping after heavy rain or snow
- Pooling water around your foundation’s interior
- Humidity levels above 60% in your basement or crawlspace
Basement Waterproofing in Deal
Healthy Way has been providing the most trusted, effective basement waterproofing in New Jersey since 2007. Waterproofing your basement is crucial to protecting the value of your home and the safety of your family. That is why we only employ the best, brightest, fully-certified experts, who will treat your home like it was their very own. Taking shortcuts just isn’t in our nature. We use innovative technology and time-tested techniques to discover and solve your basement’s water-related problems.
Because basement wall leaks and water seepage are often caused by structural issues, external waterproofing is required. While some companies only seal the interior walls of your basement, Healthy Way goes the extra mile to fix your water issues inside and out. That way, your basement leaks stop for good.
Once we find the root of the water issues in your basement, we will get to work on a custom-designed solution that will exceed your basement waterproofing needs.
Our basement waterproofing services in New Jersey help prevent the following problems:
- Mold growth, which can cause serious health hazards for your family
- Basement flooding
- Loss of valuables
- Serious water damage to your home’s walls and floors
- Decrease in home value
Don’t wait to address the moisture developing in your basement – call Healthy Way today for a customized solution to your water seepage problems.
What Causes Moisture in Your Basement?
It’s easy to spot water leaking through a crack in your basement, but most homeowners don’t know that there is a potential for water issues without heavy rains or obvious signs of standing water. At Healthy Way, we try to educate our clients on the real causes of water in your basement. Here are two of the most common reasons why you might need basement waterproofing in Deal:
The “Clay Bowl” Effect
It might not be evident on the surface, but many basements are built in a below-grade dip, which is surrounded by backfill. Because backfill is made up of soil that was removed during foundation digging, it creates an empty shape or “bowl” effect. Once the foundation is finished, this loose soil is placed back around the foundation. Unfortunately, soil of this consistency is more absorbent and porous than the undisturbed soil around it, which is hard-packed and less porous. When rain or thunderstorms occurs, the soil closest to your home becomes saturated, putting pressure on your basement walls.
This kind of pressure affects homeowners with property built below the water table or on a hillside where water runs down a hill. When the soil around your foundation becomes saturated, it will expand and put intense pressure on the walls of your foundation and basement. This pressure can create cracks, giving water an easy route into your basement.
How Healthy Way Solves Your Basement Waterproofing Needs
Having a wet basement not only puts your health at risk, it lowers the value of your home and makes it more difficult to sell. The good news? We offer a number of waterproofing services and products to solve your problems fast. A few of our solutions include:
- Sump pumps
- Perimeter drainage systems
- Doorway drainage systems
- High-strength washer hoses
- Floor and wall crack repair
- Replacement windows
- Flood protection for your water heater
When you use Healthy Way for basement waterproofing in New Jersey, you can rest easy knowing that all our systems come with a written, lifetime warranty. This warranty is transferrable, meaning you can re-establish your home’s value and give future owners confidence knowing that their new home is protected.
The Healthy Way Basement Waterproofing Process
Because every home is different, your basement waterproofing solution could be vastly different than that of your next-door neighbor. Many factors play a part when it comes to keeping your basement dry and safe for living. As a general rule, we approach each issue with a “prevention over repair” mindset. By taking this stance, we give our clients a more cost-effective, long-term resolution. We’re not in the business of putting a “Band-Aid” on your water problem – we want to fix your issue completely, so you don’t have to worry about recurring problems. Our effective basement waterproofing systems include a mix of the following strategies:
Interior waterproofing methods usually start with our team ensuring that any holes or cracks in your basement floors, walls, and windows are sealed properly. Sealing cracks in your basement is an important first step since this is usually the first place where water can enter your home. Our sealants keep your basement dry and help prevent more moisture from finding its way into your home. Interior waterproofing strategies like these also help lower humidity levels in your basement. While sealants and other interior waterproofing strategies help correct initial issues, they don’t usually solve the underlying problem causing leaks in your basement. Those issues are most often found outside your home.
Once our team is finished with your interior waterproofing, we will move to the exterior of your home. Waterproofing the outside of your home is often a more complex, nuanced goal. Because of the difficult nature of exterior waterproofing, we recommend you consult with our team of professionals before tackling the job on your own. Generally speaking, our team beings the outdoor waterproofing process by excavating the soil around your home’s foundation. Once we remove the soil surrounding your foundation, our experts will apply a polymer-based sealant to any cracks we discover. This sealant is a long-term solution and should remain intact for the life of your home. While the Healthy Way team solves your outdoor moisture problems, we will also check your downspouts, to make sure they aren’t clogged. An inefficient gutter system does a poor job of directing water away from your home’s foundation, which can cause more moisture to seep into your basement over time.
One of the most common reasons that people need basement waterproofing in cityname is because they have a poor drainage system. A proper drainage system is paramount in keeping your basement dry and your family safe. These systems are meant to direct water away from your home and come in many forms, from French Drains to simple systems like ground soil. If you’re thinking of installing a complex drainage system, save yourself some time and check the soil around your foundation first to make sure it isn’t retaining moisture. If a more complex system like a sump pump is required, it’s best to work with certified professionals like those at Healthy Way, to make sure your drainage system is installed correctly.
WHICH WATERPROOFING SOLUTION IS RIGHT FOR ME?
Because every home is different, it’s hard to say what kind of waterproofing solution is right for your situation. Most homeowners require a combination of interior and exterior waterproofing. There are dozens of factors that come into play when it comes to waterproofing your home, so the answer to your problem may be different than your neighbor’s. The good news is that Healthy Way is fully equipped to handle whatever moisture issue you’re having. We will work tirelessly to make certain your basement is dry, mold-free, and safe to enjoy. That way, you can get back to living life rather than worrying about mold growth or foundation damage.Contact Us
GET IT DONE RIGHT, THE FIRST TIME
Other companies may offer temporary or partial solutions. At Healthy Way, we believe in correcting the problem completely, so you save money and have long-term peace of mind. Our goal is to fix your problem to prevent it from coming back, or we won’t do the work!
If you require quality basement waterproofing, it all starts with a FREE inspection from our certified waterproofing experts. We will take as much time as you need to find your problem, develop a solution, and walk you through our process step-by-step.
Don’t let water leaks and foundation damage create a dangerous environment in your home; contact the experts at Healthy Way today!
Latest News in Deal
A seemingly routine warehouse deal could become a heavyweight battle: Zell vs. Sternlicht
Like most dealmakers, Sam Zell loves a bidding war—as long as he\'s selling.He was on the right side of one in 2007, when he led the $39 billion sale of Equity Office Properties Trust to Blackstone Group, a legendary deal that stands out as one of the best of the billionaire investor\'s long career. More than 14 years later, Zell, now 79, may have to decide if he wants to engage in a bidding war on the buy side, by taking on another real estate heavyweight, Barry Sternlicht of Starwood Capital Group.Their quarry: Monmouth...
Like most dealmakers, Sam Zell loves a bidding war—as long as he\'s selling.
He was on the right side of one in 2007, when he led the $39 billion sale of Equity Office Properties Trust to Blackstone Group, a legendary deal that stands out as one of the best of the billionaire investor\'s long career. More than 14 years later, Zell, now 79, may have to decide if he wants to engage in a bidding war on the buy side, by taking on another real estate heavyweight, Barry Sternlicht of Starwood Capital Group.
Their quarry: Monmouth Real Estate Investment. In early May, Equity Commonwealth, a Chicago-based real estate investment trust chaired by Zell, reached a $3.4 billion deal to buy Monmouth, a Holmdel, N.J.-based warehouse owner. Equity Commonwealth, an office landlord, would use its stock to buy out Monmouth, also a REIT, for a price that works out to $18.47 per share, based the July 15 closing price of Equity Commonwealth\'s shares.
On July 12, Monmouth disclosed it received a slightly higher unsolicited all-cash offer, $18.70 per share, from an unidentified buyer. Bloomberg News identified the mystery bidder as Starwood, citing people familiar with the matter.
Now, REIT investors are wondering if Zell will accept the challenge from Sternlicht by increasing his offer. Though industrial real estate doesn\'t have much sex appeal, it\'s in many ways the hottest major property sector right now. With about 120 properties in 31 states, Monmouth offers a tantalizing opportunity for Zell, who heads three REITs that own office buildings, apartments and mobile-home parks—but no warehouses. Starwood doesn\'t own much industrial either.
"My expectation is that this probably has more legs to it," says Daniel Ismail, senior analyst at Green Street Advisors, a Newport Beach, Calif.-based research firm. "I don\'t think either will go quietly in the night."
Though a bidding war would please Monmouth shareholders, it\'s more complicated on the Equity Commonwealth side. The REIT\'s deal for Monmouth surprised many in the real estate world who had watched Zell\'s dealmaking for decades. Known as "the Grave Dancer" for his prowess at distressed investing, Zell has avoided chasing businesses in hot sectors. Equity Commonwealth\'s bid seemed out of character to many—and too high to some.
"That\'s a pretty full number for a guy who calls himself the Grave Dancer," says Reagan Pratt, principal at Twende Advisors, a Chicago-based investment advisory firm.
Through spokespeople, Zell, Sternlicht and Monmouth all decline to comment. Monmouth\'s board still has to decide if it will accept Starwood\'s offer.
Sternlicht, 60, is a formidable rival for Zell. The Harvard MBA has ties to Chicago, beginning his real estate career in the late 1980s at JMB Realty, the big investment firm co-founded by Neil Bluhm. He founded Starwood in the early 1990s and built it into a diversified real estate powerhouse, with about $90 billion in assets.
Sternlicht and Zell are no strangers: Sternlicht swapped an apartment portfolio to Zell\'s multifamily REIT, Equity Residential, for a stake in the company in the 1990s, just before it went public. And Starwood bought 23,000 apartments from Equity Residential in 2015.
Equity Commonwealth, with a board chaired by Zell since 2014, was ready for a big deal last year, after selling off most of its office buildings and amassing about $3 billion in cash. It seemed like an ideal time, just as the coronavirus pandemic was crushing the commercial property sector. Collapsing values would create a once-in-a-generation buying opportunity for distressed investors like Zell.
But lenders showed forbearance, and the real estate market, with the exception of retail and hotel properties, started to bounce back within months. Zell\'s pursuit of Monmouth "was a good indication of the lack of distress out there," Ismail says.
Monmouth does offer turnaround potential for Zell. The company has come under criticism for its governance, with three members of the same family on its board, including President and CEO Michael Landy. Its stock performance in recent years has disappointed.
Still, Pratt faults Zell for not choosing what he thinks is a more shareholder-friendly option: to liquidate Equity Commonwealth, which now owns just four office properties in Washington, Denver and Austin, Texas.
"I think he should give the money back to shareholders," Pratt says.
That still could happen, if Starwood ends up with Monmouth and Equity Commonwealth can\'t find another deal that makes sense. The company is like a special purpose acquisition company, or SPAC, a hot item in corporate America these days. SPACs are "blank check" companies that first sell stock and then go out and buy a business with the money raised from the IPO. Zell already has one SPAC: Equity Distribution Acquisition, a company he formed last year that\'s hunting for a takeover target in the industrial distribution industry.
Zell\'s stake in Equity Commonwealth, valued at about $70 million, represents just a small fraction of his net worth, estimated by Forbes at $5.5 billion. It\'s part of a diversified and constantly shifting empire of real estate and businesses that Zell oversees from the West Loop offices of his umbrella company, Equity Group Investments.
On July 14, just two days after the news of Starwood\'s offer, another Zell company, Morristown, N.J.-based Covanta Holding, which burns waste to generate electricity, disclosed that it had agreed to a $5.3 billion buyout by EQT Infrastructure, a Swedish investment firm. Even at 79, Zell doesn\'t seem tired of making deals.
"It\'s intoxicating; the air crackles with the energy of anticipation," Zell wrote in his 2017 book, "Am I Being Too Subtle?" "You are bouncing on your toes all day, every day. It is, quite simply, really fun."
It may be even more intoxicating with Barry Sternlicht now in the picture. Let the fun begin.
Apartment Developer Could Get Tax Incentive Under Morristown Deal
MORRISTOWN, NJ — Another Morristown redevelopment project could receive a tax incentive. Town Council will discuss whether to grant a payment in lieu of taxes agreement for a developer creating an 85-unit apartment building on Morris Street.A special virtual meeting will take place at 7:30 p.m. July 26. The link to access the meeting will become available on the town\'s website.The town has already approved the project for the developers &md...
MORRISTOWN, NJ — Another Morristown redevelopment project could receive a tax incentive. Town Council will discuss whether to grant a payment in lieu of taxes agreement for a developer creating an 85-unit apartment building on Morris Street.
A special virtual meeting will take place at 7:30 p.m. July 26. The link to access the meeting will become available on the town\'s website.
The town has already approved the project for the developers — Morris Street 2015 Urban Renewal, LLC. But the builders are pursuing a PILOT — payment in lieu of taxes — a percentage of annual gross revenue to be paid to Morristown that is typically lower than taxes. Morristown has used the arrangement to reach its redevelopment goals.
In September, Morristown gave M Station a 30-year PILOT. The major project, which will become an office and retail space, is expected to generate $1 million for the town annually — 4.5 times its current revenue. The project will also contribute $2.5 million to Morristown\'s affordable housing trust fund.
The entirely of the terms with the Morris Street development won\'t become public until the July 26 hearing, says Town Administrator Jillian C. Barrick.
But the developer would provide 14 special needs-restricted housing units — a mix of one- and two-bedroom — that also qualify as affordable, Council President Stefan Armington revealed. They will also provide four three-bedroom affordable apartments.
"Morristown has no special needs housing, so this aspect will provide significant additional benefit to the town," Armington said.
At Tuesday\'s council meeting, former Zoning Board Chair Cary Lloyd raised concerns about the possibility of the PILOT eliminating the payment of school taxes. Lloyd encouraged the council to vote against the deal.
"The PILOT would eliminate property tax payments to the school district for 25 years, while adding apartments that Morris School District students can live in," Lloyd said.
Lloyd said he could understand the M Station decision, because it provided office space. But the apartment complex has the potential to add more students to Morris schools.
"The schools always get their taxes," Dougherty said, without further explanation.
The PILOT originally appeared as an ordinance on the agenda for Tuesday\'s meeting — see page 15. But at the beginning of the meeting, officials said they would hold a special meeting July 26 on the matter.
The building — a "live-work" development — features 85 apartments and a retail area, including a co-working space, according to a 2019 presentation.
Thanks for reading. Learn more about posting announcements or events to your local Patch site. Have a news tip? Email [email protected] Subscribe to your local Patch newsletter and follow the Morristown Patch Facebook page.
New plans in place for former Red Carpet Inn in Tonawanda
Local investment group Gurusaheb LLC has bought the former Red Carpet Inn in the Town of Tonawanda and will change it over to an independent, boutique hotel.The deal: Gurusaheb paid $1.125 million for the 44-room former Red Carpet Inn at 1900 Niagara Falls Blvd. formerly owned by Haripriya Inc., according to documents filed in the Erie County Clerk’s office. Haripriya, a local hotel investment group, owned and operated the Red Carpet Inn for more than 20 years. Haripriya plans to sell its hotel and motel holding...
Local investment group Gurusaheb LLC has bought the former Red Carpet Inn in the Town of Tonawanda and will change it over to an independent, boutique hotel.
The deal: Gurusaheb paid $1.125 million for the 44-room former Red Carpet Inn at 1900 Niagara Falls Blvd. formerly owned by Haripriya Inc., according to documents filed in the Erie County Clerk’s office. Haripriya, a local hotel investment group, owned and operated the Red Carpet Inn for more than 20 years. Haripriya plans to sell its hotel and motel holdings around New York state.
What’s new: Gurusaheb expects to spend more than $300,000 to convert the Red Carpet Inn into the Route 62 Motel.
“The intent is to make a cool place that will attract a whole new clientele,” said Larry Best, Buffalo Hotel- Realty LLC fonder, who brokered the deal. “The timing for this deal was right.”
Even in the pandemic landscape, motel and hotel deals are coming together, Best said.
“Motels in good locations and with good bones are being renovated throughout the country to take advantage of the younger traveler wishing for this type of lodging experience,” he said.
Best said he was amazed at how quickly the deal came together. The Red Carpet was on the market for three days, went under contract June 12 and closed July 13. “This was the fastest deal I’ve ever done,” he said.
• Ilio DiPaolo said he wanted a house at 12 Madison Ave., Hamburg, for future options, so he bought it for $201,000 from owner Barbara Winter.
“I park by the house everyday,” DiPaolo said. The house is next to Ilio DiPaolo’s restaurant and will be rented out, he said.
“It gives us options and opportunities for the future,” DiPaolo said.
• Investors 5436 Main Street LLC acquired a 7,500-square-foot, multitenant building at 5436 Main St., Williamsville. The property had been owned by Niagara Falls-based Muto Development LLC and sold for $750,000. The deal was brokered by David Schiller, Pyramid Brokerage of Buffalo.
• The property that houses the B&S Mini Storage at 5255 Southwestern Blvd., Hamburg. was acquired by Washington Street Hamburg LLC, an investment group in Hoboken, N.J. The sale price was $2.4 million, and the property had been owned by John Cleary Jr., according to county real estate records.
MLB rumors: Lefty-hitting outfielder with pop, ex-Rookie of Year candidate, could be Yankees’ trade deadline bargain
Brian Cashman has two weeks to wheel and deal before the July 30 trade deadline. Tops on his shopping list is an outfielder, preferably one who hits left-handed.Want to bet on MLB?...
Want to bet on MLB?
Get free bets, risk-free bets and enhanced odds offers from the best licensed NJ sports betting sites.
The 26-year-old made his MLB debut in 2016 with the Texas Rangers, hitting 20 home runs and finishing fifth in voting for the American League Rookie of the Year Award.
Introducing Yankees Insider: Get exclusive news, behind-the-scenes observations and the ability to text message directly with beat writers
Mazara hit 20 home runs again in 2017 and 2018, followed by 19 in 2019. Before the 2020 season, the Rangers traded Mazara to the Chicago White Sox.
He struggled during the coronavirus-shortened campaign last year, hitting .228 with just one home run.
Mazara joined the Tigers as a free agent over the winter, and his struggles have continued this season, hitting a career-worst .212 with three home runs in 50 games.
Get Yankees text messages: Cut through the clutter of social media and text with beat writers and columnists. Plus, get breaking news, exclusive insight and analysis every day. Sign up now.
Thank you for relying on us to provide the journalism you can trust. Please consider supporting NJ.com with a subscription.
N.J. university’s ‘junk’ bond status downgraded again as money concerns grow
Wall Street is worried about Rider University.Analysts at Moody’s Investors Service downgraded Rider’s bond rating earlier this week and gave the private university a “negative” outlook. The rating agency cited Rider’s “very weak operating performance,” reliance on a line of credit to cover its expenses and the financial effects of the pandemic at the 4,600-student school.The Lawrenceville university’s rating was downgraded from Ba1, or “junk bond” status, to Ba2, an e...
Wall Street is worried about Rider University.
Analysts at Moody’s Investors Service downgraded Rider’s bond rating earlier this week and gave the private university a “negative” outlook. The rating agency cited Rider’s “very weak operating performance,” reliance on a line of credit to cover its expenses and the financial effects of the pandemic at the 4,600-student school.
The Lawrenceville university’s rating was downgraded from Ba1, or “junk bond” status, to Ba2, an even lower version of junk bond status. “Junk” is a term used for below-investment-grade bonds, meaning Moody’s is telling investors Rider is a risky investment and has a chance of not being able to pay back the money it borrows.
“While the university has articulated strategies to improve operations, a turnaround, if achievable, will take multiple years,” said the Moody’s report issued Tuesday.
Rider is among many small- and mid-size private universities that were already struggling to stay out of the red before the pandemic wreaked further havoc on their finances. In New Jersey, Centenary University in Hackettstown and Drew University in Madison are among the private colleges that have publicly discussed their ongoing financial problems.
Many of the smaller private schools are having trouble attracting students when there are less costly public universities nearby with similar programs and amenities.
For Rider, the lower bond rating means it will be more expensive for the university to borrow money for construction or other projects. Rider University reported approximately $89 million in outstanding debt in 2020, the analysts said. That debt rose to about $110 million with the issuance of new bonds in May.
Rider officials said the coronavirus pandemic exacerbated the school’s financial challenges. But they have a plan to get the university back on track.
“Long before the pandemic arrived, Rider had already set forth an aggressive strategic plan focused on enrollment growth and long-term financial stability. We have focused on affordability and a vibrant living learning environment, one that fully engages students inside and outside the classroom. We’ve invested heavily in our campus facilities and new program development,” said Kristine Brown, a Rider spokeswoman.
The university is preparing itself, as best as it can, for any long-term financial impacts of the pandemic, she added.
“We are confident in our unique strengths and the steps we have taken to remain financially stable while continuing to support students on their journey of achieving their personal and professional goals,” Brown said.
The lower bond rating continues a downward trend for Rider. In April 2020, Moody’s downgraded Rider’s rating to Ba1 with a negative outlook, citing worries about enrollment declines, the effects of the pandemic and questions about the sale of the university’s satellite campus in Princeton.
The university’s financial problems are complicated by the need to negotiate a new contract with its faculty. Rider officials proposed a one-year extension of its current contract with the Rider chapter of the American Association of University Professors.
But the union said in May it rejected that offer, partly because Rider offered only “a meager raise that is well below the rate of inflation and no protection against lay-offs,” according to a letter sent to union members. University officials cited lower-than-expected deposits from students registering for the fall as one of the signs that it could not afford to give professors more or guarantee no layoffs.
“We do not believe that the administration’s trope of hard financial times is a reason to capitulate. We believe that Rider has the resources to provide fair pay and benefits for faculty who have sacrificed over the past seven years,” said a letter from the faculty union’s negotiating team.
AAUP officials declined to comment on this week’s bond rating downgrade.
The average full professor at Rider earned $108,740 a year in 2018, while the average assistant professor earned $87,361, according to data compiled by the Chronicle of Higher Education.
Rider President Gregory Dell’Omo earned a base salary of $465,134 in 2019. Other benefits and compensation brought his total pay up to $565,417, according to the university’s latest available tax filing.
Rider traces its roots back to 1865 when the Trenton Business College and Practical Training School opened in a single room in Trenton to train Civil War veterans on how to make money after the war. It eventually took the name Rider College and moved in 1959 to its suburban campus off Route 206 in Lawrence Township.
University officials announced in 2018 they had a $40 million deal with a Chinese company to buy Rider’s Westminster Choir College satellite campus in Princeton. The sale was supposed to help stabilize the university’s finances.
But the deal eventually collapsed and led to several lawsuits and protests by students and faculty at the choir college. Though Rider moved most of the Westminster Choir College’s operation to its main campus last year, it is unclear when or if the university will be able to sell the valuable Princeton property.
Moody’s analysts said the questions about the future of the Princeton campus contributed to the bond rating downgrade. Also cited were decreases in enrollment, falling room and board revenue and declines in tuition revenue.
Rider enrolled about 4,600 students in 2020, slightly less than the previous fall. About 9,250 new students applied and about 76% were accepted for the start of the 2020 school year. But only 12% of the newly accepted students enrolled, according to federal data.
Rider announced last fall it is reducing its base undergraduate tuition by 22% for students starting this fall in an effort to attract more students. Tuition will reduce from $45,120 to $35,000 a year. Room and board add another $15,000 or more to the bill each year.
“The new tuition rate also aims to keep more New Jersey students from leaving the state to attend public or private institutions at out-of-state tuition rates that are similar,” Drew Aromando, Rider’s vice president of enrollment management said when the new rate was announced.
Federal data shows Rider’s previous $45,120 tuition was mostly a sticker price. The average student was paying closer to $29,000 per year in “net tuition” once scholarships and other financial aid were taken off the bill, according to data for the 2019-2020 school year.
Despite its financial struggles, Rider continues to receive donations for its endowment, which grew to about $67 million last year.
Moody’s bond rating report said Rider could change its “negative” financial outlook if it increases enrollment, collects more tuition and does a better job balancing its debt and operating expenses.
Thank you for relying on us to provide the journalism you can trust. Please consider supporting NJ.com with a subscription.