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Hudson Valley Property Group (HVPG) has completed a $71 million acquisition, preservation, and renovation project at Grandview Terrace Apartments, a 283-unit senior housing complex in Jersey City, New Jersey. The upgrades include building modernization, energy efficiency improvements, unit renovations, and the installation of a high-definition monitoring system for enhanced security.
HVPG financed the project with equity from its second affordable housing fund (HVPF II) and a construction loan from Key Bank. After completion, the loan was refinanced under the HUD Section 223(f) program with KeyBank. To secure long-term affordability, HVPG obtained a new 20-year HUD Regulatory Agreement and secured new rental subsidies for tenants through project-based and tenant-based Section 8 vouchers, ensuring that income-qualified tenants pay no more than 30% of their income in rent.
HVPG currently owns over 10,650 units of affordable housing across 65 properties throughout the Northeast, Midwest, Mid-Atlantic, and Southeast regions.
On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.
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