Hudson Valley Property Group (HVPG) has successfully completed a $71 million acquisition, preservation, and renovation project at Grandview Terrace Apartments in Jersey City, New Jersey. The 283-unit senior housing complex underwent extensive upgrades including building modernization, energy efficiency improvements, unit renovations and the installation of a high-definition monitoring system for enhanced security.
The financing for this project was provided by HVPG’s second affordable housing fund (HVPF II) and Key Bank through a construction loan. Upon completion of the project, the loan was refinanced under HUD’s Section 223(f) program with KeyBank. To ensure long-term affordability for residents, HVPG obtained a new 20-year HUD Regulatory Agreement and secured rental subsidies through both project-based and tenant-based Section 8 vouchers to ensure that income-qualified tenants pay no more than 30% of their income in rent.
With over 10,650 units across 65 properties throughout the Northeast,Midwest,Mid-Atlantic,and Southeast regions,HVPG is committed to providing quality affordable housing options. This recent successful venture further solidifies HVPG as an expert in preserving valuable communities while also improving living conditions for its residents.
