Hudson Valley Property Group Completes $71M Revitalization of Grandview Terrace Apartments in Jersey City, N.J.
Renovations include a number of holistic upgrades to enhance quality-of-life at 283-unit senior housing tower
JERSEY CITY, N.J., March 19, 2024 /PRNewswire/ -- Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, today announced that it has completed a $71 million acquisition, preservation and renovation project at Grandview Terrace Apartments, a 283-unit senior housing complex located in the Journal Square Neighborhood of Jersey City, New Jersey.
The upgrades to Grandview Terrace encompass a variety of holistic improvements including building modernization, energy efficiency upgrades, unit renovations and the addition of an enhanced, high-definition monitoring system providing site wide security coverage and ensuring adherence to HVPG's community standards.
"We're elated to unveil the revitalized Grandview Terrace, a collaborative effort with the Jersey City Housing Authority (JCHA) and HUD that will ensure long-term affordability for local seniors that were previously at-risk of losing access to this affordable housing and possibly being displaced," said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. "From the comprehensive modernization to the installation of advanced security measures, every aspect of this project reflects our commitment to creating secure, inviting places for our residents to call home."
The renovations within the 283-unit complex totaled $15.2 million (~$53,500 per unit) and include new kitchen cabinetry and countertops; new high-efficiency, stainless steel appliances; high output lighting and water conserving fixtures; and the creation of fully compliant ADA and H/V units. Interior upgrades also included new flooring with subfloor repairs; wall patching and painting; and a new sky lounge for residents with a stretching room, community room, library and computer center with views of New York City.
The initial acquisition and substantial rehabilitation of the Grandview Terrace Apartments was financed with equity from HVPG's second affordable housing fund (HVPF II) and a construction loan from Key Bank. Upon completion of the 16-month construction and preservation project in February 2024, the loan was refinanced under the HUD Section 223(f) program with KeyBank.
To ensure the long-term affordability of the property, HVPG secured a new, 20-year HUD Regulatory Agreement. Additionally, HVPG was able to unlock new rental subsidy for tenants as a result of the previously existing expired HUD 202 restrictions through both project-based and tenant-based Section 8 vouchers. The Jersey City Housing Authority played a critical role in this project and serves as the new contract administrator for all of the HUD Section 8 voucher units. HVPG and JCHA worked in partnership to secure new Section 8 subsidy for 267 low-income households that did not previously receive any rental assistance. This will ensure that income-qualified tenants are protected and will pay no more than 30% of their income in rent. No residents were displaced because of this transaction.
"The JCHA appreciates the opportunity to partner with Hudson Valley Property Group, HUD, the City and the County to preserve and provide quality, safe affordable housing to the senior citizens of Jersey City and Hudson County at Grandview Terrace", said Patricia Ramirez, Director of the Housing Choice Voucher Program of the Jersey City Housing Authority.
The project follows Hudson Valley Property Group's recent acquisition of a 1140-unit affordable housing portfolio across Maryland and North Carolina, and Northgate One Apartments in Camden, NJ . As the demand for affordable housing continues to rise, HVPG intends to further expand its portfolio and offer additional high-quality affordable housing options throughout the United States. HVPG currently owns over 10,650 units of affordable housing across 65 properties throughout the Northeast, Midwest, Mid-Atlantic and Southeast regions.
About Hudson Valley Property Group (HVPG)
Hudson Valley Property Group (HVPG) preserves and elevates the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved over 12,100 units across more than 70 properties, serving more than 20,000 residents. For more information, visit: https://hudsonvalleypropertygroup.com/
Contact:
Jennifer Cullen
Prosek Partners for Hudson Valley Property Group
Pro-HVPG@prosek.com
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SOURCE Hudson Valley Property Group
