Hudson Valley Property Group's $71M Grandview Terrace Apartments Project in Jersey City Completed

Hudson Valley Property Group (HVPG) has successfully concluded a significant $71 million endeavor to acquire, preserve, and renovate Grandview Terrace Apartments, a senior housing complex in Jersey City, New Jersey.

Acquisition and Financing

HVPG utilized equity from its second affordable housing fund (HVPF II) along with a construction loan from Key Bank to finance the project. Subsequently, the loan was refinanced under the HUD Section 223(f) program with KeyBank.

Renovation and Upgrades

The comprehensive upgrades undertaken at Grandview Terrace Apartments encompassed building modernization, enhancements in energy efficiency, unit renovations, and the installation of a state-of-the-art high-definition monitoring system to bolster security measures.

Long-Term Affordability Measures

In a bid to ensure enduring affordability, HVPG secured a new 20-year HUD Regulatory Agreement. Additionally, the organization obtained new rental subsidies for tenants via project-based and tenant-based Section 8 vouchers, guaranteeing that income-qualified residents pay no more than 30% of their income in rent.

HVPG Portfolio

Currently, HVPG boasts ownership of over 10,650 units of affordable housing spread across 65 properties spanning the Northeast, Midwest, Mid-Atlantic, and Southeast regions.

HVPG's successful completion of the Grandview Terrace Apartments project underscores its commitment to preserving affordable housing and improving living standards for seniors in Jersey City and beyond.