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Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announces the completion of the $57 million preservation project at Corinthian Towers, a 221-unit housing complex in the 4th Ward of East Orange, New Jersey.
City of East Orange Mayor Ted R. Green, U.S. Housing and Urban Development (HUD) and New Jersey Housing and Mortgage Finance Agency (NJHMFA) officials attended a ribbon cutting ceremony earlier today to celebrate the completion of the extensive renovations and upgrades to Corinthian Towers.
The comprehensive renovations totaling ~$11.5 million (~$50,000 per unit) feature major home improvements, including complex-wide infrastructure modernization, apartment upgrades, and the implementation of enhanced site monitoring utilizing intelligent cameras for adherence to HVPG’s community standards, marking a new beginning for the 94-year-old facility.
“With the help of the City of East Orange, HUD and the NJHMFA, we are honored to transform Corinthian Towers into a place that residents will be proud to call home,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “As the demand for affordable housing continues to increase across the nation, this project exemplifies our commitment to partnerships to make these projects possible and the quality and affordability we provide residents across our properties.”
“The City of East Orange is excited to celebrate the completion of this expansive renovation project at Corinthian Towers and I applaud Hudson Valley Property Group for making this significant investment in our community,” said Mayor Ted R. Green. “Quality, affordable housing is one of my administration’s top priorities and the partnership we share with HVPG, HUD and the New Jersey Housing and Mortgage Finance Agency is an excellent example of how we can improve the standard of living for our residents, preserve the stability of our neighborhoods, and contribute to the economic revitalization of our city.”
“The preservation of affordable housing is one of HUD’s top priorities, and Corinthian Towers is a great example,” said Alicka Ampry-Samuel, HUD Regional Administrator for New York and New Jersey. “HUD is committed to providing rental subsidies to ensure these homes remain affordable so residents can count on housing and financial stability for years to come.”
“NJHMFA is proud to support the $11.5 million plan to renovate, improve and ensure the continued affordability of Corinthian Towers,” said NJHMFA Executive Director Melanie R. Walter. “These improvements will provide long-term safe, stable housing for 221 East Orange families; they represent a transformative investment in the future of this vital community.”
All apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Assistance Payment (HAP) contract. To ensure the long-term affordability of the property, HVPG obtained a new, 20-year-term HAP contract. No residents were displaced as a result of this transaction. HVPG additionally brought in a new property management partner at the property, Community Realty Management of Pleasantville, NJ.
Financing the rehabilitation included private equity raised from the Hudson Valley Preservation Fund, LLC, NJHMFA tax-exempt bonds and 4% Low Income Tax Credits (LIHTC) purchased by PNC, a construction loan from PNC and a Freddie Mac credit enhanced Tax-Exempt Loan (TEL) originated by PGIM Real Estate. The City of East Orange supported the project with a long-term PILOT Agreement.
Renovations of the 221 apartments included designer inspired kitchen cabinetry and countertops with high efficiency appliances, the creation of fully compliant ADA and H/V units, and new energy-efficient lighting and water conserving fixtures. HVPG also paid careful attention to the character of the building, reinvigorating the lobby’s original terrazzo flooring with thoughtful tile touches carrying over to custom brass entry doors. A full elevator modernization was undertaken, and the old elevator car was donated to the Patterson Fire Department to be used for their ongoing training program. In addition, the building’s generator, boilers, and roofing were replaced, adding to the quality-of-life upgrade provided to the residents. Security measures were also overhauled at the property with new generation, advanced smart cameras allowing for full building viewing in high definition, an audio and visual intercom system, and the addition of monitored access control points.
“The building has changed a lot since Hudson Valley Property Group took over. It’s cleaner, the hallways are nicer, there are no rodent problems. Safety of the building is number one. Overall, it’s a good place to live and raise your kids,” says Jamillah Ellis, a resident of Corinthian Towers.
With construction now complete and similar to other HVPG properties, ownership and management will look to partner with local not-for-profit organizations and healthcare and technology providers to offer curated resident services programming at the property. HVPG currently owns over 4,500 units of affordable housing across 27 properties throughout the state of New Jersey.
This completion follows Hudson Valley Property Group’s recent announcement that it closed its second fund, raising $292 million in capital commitments from a broad range of institutional investors. HVPG anticipates preserving more than 10,000 homes with the latest investment fund and continuing to expand its portfolio to provide quality affordable housing across the U.S.
About Hudson Valley Property Group (HVPG)
Hudson Valley Property Group (HVPG) preserves and elevates the quality of affordable housing in the United States. HVPG acquires existing affordable, multifamily properties and strategically invests capital to improve the physical, financial, and social vitality of each home. With improved operations and enhanced service offerings, HVPG properties deliver a better standard of living for its residents and stable investment assets. To date, HVPG has preserved over 9,500 units across more than 50 properties, serving more than 20,000 residents. For more information, visit: https://hudsonvalleypropertygroup.com/.
About Hudson Valley Preservation Fund (HVPF)
Hudson Valley Preservation Funds are Community Reinvestment Act-eligible real estate private equity funds managed by Hudson Valley Property Group (HVPG), an owner, developer, and operator of affordable housing. We leverage our expertise and relationships to apply a traditional model of investing in real estate to this specialized industry, preserving existing affordable housing while ensuring each asset is optimally financed, renovated, and operated. To date, HVPG and its funds have utilized equity and capital to leverage more than $2B of investment into affordable housing.
Contact:
Meredith Bishop
Prosek Partners for Hudson Valley Property Group
mbishop@prosek.com
