Affordable Multifamily Refinancing in Jersey City: KeyBank Secures $54.9M Loan for Grandview Terrace Apartments
KeyBank facilitated a $54.9 million secured loan for Hudson Valley Property Group, enabling them to refinance the Grandview Terrace Apartments in Jersey City, New Jersey. These 283 affordable multifamily units will primarily serve families with incomes ranging from 60% to 90% of the area median income (AMI).
Arranged by KeyBank's Affordable Housing Team, the loan falls under the HUD Section 223(f) program with a 35-year fully amortizing term. The Jersey City Housing Authority's subsidy supports 94% of the units (267) through project-based vouchers.
Originally designated as a HUD Section 202 development for elderly housing with supportive services, Grandview Terrace also benefited from flexible subsidy loans under Section 201. To maintain affordability and prevent tenant displacement, Hudson Valley Property Group extended the Section 201(p) flexible use agreement for the property's long-term preservation.
The HUD 223(f) loan replaced a previous KeyBank Community Development Lending and Investment (CDLI) acquisition/construction loan, funding renovations averaging $50,000 per unit. These renovations aimed to ensure the property's viability, including upgrades to unit interiors and common areas like façade repairs, elevator enhancements, and improved access control.
Situated in Jersey City's Journal Square neighborhood, Grandview Terrace offers convenient access to Manhattan via the PATH rail system and New Jersey Transit buses. Its location has benefited from recent residential and mixed-use developments, contributing to the city's central business district revitalization.
Leslie Meyers from KeyBank's Affordable Housing Team structured the financing to retire the acquisition/construction loan previously managed by Eric Steinberg of KeyBank CDLI.
Arranged by KeyBank's Affordable Housing Team, the loan falls under the HUD Section 223(f) program with a 35-year fully amortizing term. The Jersey City Housing Authority's subsidy supports 94% of the units (267) through project-based vouchers.
Originally designated as a HUD Section 202 development for elderly housing with supportive services, Grandview Terrace also benefited from flexible subsidy loans under Section 201. To maintain affordability and prevent tenant displacement, Hudson Valley Property Group extended the Section 201(p) flexible use agreement for the property's long-term preservation.
The HUD 223(f) loan replaced a previous KeyBank Community Development Lending and Investment (CDLI) acquisition/construction loan, funding renovations averaging $50,000 per unit. These renovations aimed to ensure the property's viability, including upgrades to unit interiors and common areas like façade repairs, elevator enhancements, and improved access control.
Situated in Jersey City's Journal Square neighborhood, Grandview Terrace offers convenient access to Manhattan via the PATH rail system and New Jersey Transit buses. Its location has benefited from recent residential and mixed-use developments, contributing to the city's central business district revitalization.
Leslie Meyers from KeyBank's Affordable Housing Team structured the financing to retire the acquisition/construction loan previously managed by Eric Steinberg of KeyBank CDLI.
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