New Jersey Affordable Housing Scores $69M Refi
- Sep 11, 2019
Ironstate Development has received $69 million in refinancing for four affordable housing properties it owns in Hudson County, N.J. NorthMarq arranged the financing for the communities, which are all occupied by residents receiving Section 8 tenant-based housing vouchers.
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The properties are just across the Hudson River from Manhattan and include:
- Church Square South (81 units) at 209 Willow Ave. in Hoboken
- Eastview Apartments (79 units) at 70 Washington St. in Hoboken
- New Floral Gardens (91 units) at 2502 Cottage Ave. in North Bergen
- Park View East (71 units) at 4300 Park Ave. in Weehawken
Park View East was built in 1935, while the two Hoboken communities were completed in 1940. The New Floral Gardens property is part A of the first phase of a larger 348-unit development that was built in phases from 1952 to 1959.
All of the properties are currently subject to long-term Housing Assistance Payment (HAP) contracts and are managed by Applied Housing Management Company. NorthMarq arranged the financing through two New Jersey-based banking institutions, according to a statement.
Gary Cohen, senior vice president and managing director of NorthMarq’s North New Jersey office, noted in the statement that the declining interest rate environment enabled the borrower to refinance the properties and return equity to the partners at historically low rates.
In February, Greystone originated a $132.9 million Fannie Mae loan for Ironstate Development’s Staten Island Urby, a mixed-income community with 571 LEED-certified units on the Staten Island waterfront in New York City.