Related Completes Affordable Housing Rehab in Middleton, NY
Major renovations at the at the Southeast Towers residential building in Middletown, N.Y., have been completed.
By Dees Stribling, Contributing Editor
Middleton, N.Y.—Major renovations at the at the Southeast Towers residential building in Middletown, N.Y., have been completed. Over the last year, Related Cos. has invested about $3 million to improve the apartments and public spaces for the property, which includes 107 affordable units.
Southeast Towers consists of one 10-story building on a two-acre parcel in Middleton, a town of about 28,000 in Orange County that’s part of the Poughkeepsie-Newburgh-Middleton, N.Y., MSA. Related Affordable and Alliant Capital Ltd acquired the property in January 2013 with the intention of renovating it.
During the renovation, individual apartments received new or upgraded kitchens and bathrooms, as well as new plumbing, flooring and appliances. Upgrades were done to the building’s elevators, roofing, ventilation systems and windows, and new amenity spaces were created and new decorating and furnishings installed in the resident lounge, game room, laundry room and lobby.
Southeast Towers now has a key card access system for the new automatic front entry and side doors, and an upgraded video surveillance system. Related also created a new outdoor private seating area and installed walkways with new landscaping, fencing and masonry work.
Alliant Capital made a $2.1 million equity investment in the purchase and renovation, comprised of its purchase of Low Income Housing Tax Credits allocated by New York State Homes and Community Renewal. The property also received $4.6 million in tax-exempt bonds from the City of Middletown Industrial Development Authority. Fannie Mae, via Oak Grove Capital, provided a $5.7 million first mortgage loan to collateralize the tax-exempt bonds and fund renovations of the property.
