Ariel Property Advisors’ Capital Services Group has arranged a joint venture for the acquisition of a 65,000-square-foot, 60-unit affordable housing complex in Charlotte, NC. Senior Directors Matt Swerdlow and Matthew Dzbanek secured $2.5 million from the limited partner – a New York City based mission driven nonprofit committed to promoting and preserving high quality affordable housing nationwide. Fannie Mae through Greystone provided the $5.95 million senior loan on behalf of J&S Realty LLC and Sandee Road Ventures with an overall purchase price of $8.4 million for the property .
Swerdlow expressed his enthusiasm about this transaction: “I’m thrilled to be part of an affordable housing deal that is beneficial to both sponsors and tenants alike! The sponsors are implementing 80% area median income (AMI) rent restriction as well as introducing various social mobility initiatives which will benefit tenants in addition to contributing positively towards their community.”
