LIHC Investment Group and Silver Street Development Corporation have acquired a 134-unit low income housing development in Tuckahoe, NY, for $54.5 million
The joint venture secured $71 million in financing to acquire and preserve Marble Hall Apartments as affordable housing through at least 2060 while investing $5.78 million in upgrades and improvements over the next ten months.
“The preservation of Marble Hall guarantees the availability of affordable, healthy homes well into the future while providing peace of mind for our residents during a time of uncertainty for many American families,” said Andrew Gendron, Principal, LIHC Investment Group. “This deal was truly a team effort, from the sellers to the many public and private partners who rolled up their sleeves to make this intricate transaction a reality. We applaud all parties for working to ensure our existing stock of affordable housing is both protected and improved.”
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In its first acquisition in New Jersey, Standard Communities, the affordable housing division of Standard Companies, has acquired Baltic Plaza Apartments, a 169-unit affordable senior community in Atlantic City. The total capitalization of this transaction is approximately $38 million.
Built
in 1982 and located at 1313 Baltic Avenue in Atlantic City, Baltic Plaza’s
units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP)
contract.
Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC Bank, with additional financing provided by Citibank.
Press release content from Business Wire. The AP news staff was not involved in its creation.
GRC, Forward Thinking Management Company, is Newest Addition to 5G LLC’s ‘High Tech’ Rooftop Portfolio
April 8, 2021 GMT
DALLAS (BUSINESS WIRE) Apr 8, 2021
5G LLC, one of the largest privately-owned wireless infrastructure companies in the U.S., announced that it has signed an exclusive multi-year agreement with GRC (Grenadier Realty Corp) for their sites in New York City and surrounding areas. With this agreement, 5G LLC expands its portfolio of urban rooftop assets to gain a significant foothold in one of the nation’s largest markets.