Tredway & LIHC Investment Group Secure $40M Acquisition Loan For Senior Housing In Newark

Forest Hill House, a senior affordable housing complex located at 505 Mount Prospect Avenue in Newark, secured a $40 million acquisition loan for renovation. This redevelopment project aims to maintain affordability for another 30 years, improve energy efficiency, and offer essential amenities like a doctor's office and fitness room for residents. The funding comes from various sources, including FHA-insured loans and Low-Income Housing Tax Credits.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $40,000,000
• Address: 505 Mount Prospect Avenue
• Market: Newark
• Landlord: Will Blodgett - Tredway; Andrew Gendron - LIHC Investment Group
• Loan Type: Acquisition Loan

Will Blodgett from Tredway and Andrew Gendron from LIHC Investment Group are the key figures behind the acquisition and renovation project of Forest Hill House. They have successfully secured the necessary $40 million loan to revitalize the senior affordable housing complex in Newark, NJ, with a focus on long-term affordability and enhanced resident amenities.