Sena Affordable Communities & Tredway Secure $68M Loan For Riverview Towers Apartments

The 225-unit Riverview Towers Apartments located at 130 Martin Luther King Boulevard in Camden have been purchased by Josue Sanchez - Sena Affordable Communities, Will Blodgett - Tredway, LIHC Investment Group, and Leon N. Weiner & Associates. The acquisition cost was supported by a $68 million loan to secure the property for revitalization and extension of the affordability agreement for 30 years. Plans include investing over $12 million in improvements, utilizing various funding sources such as tax credits and bonds.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $68,000,000
• Market: Camden
• Units: 225
• Landlord: Josue Sanchez - Sena Affordable Communities; Will Blodgett - Tredway; LIHC Investment Group; Leon N. Weiner & Associates
• Loan Type: Acquisition Loan

The collaboration between Sena Affordable Communities, Tredway, LIHC Investment Group, and Leon N. Weiner & Associates showcases a strategic partnership aimed at acquiring and enhancing the Riverview Towers Apartments. The involvement of multiple entities signals a comprehensive approach to funding and executing the revitalization project, ensuring long-term affordability and improved living conditions for the residents.