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PGIM Real Estate has provided a $40.7 million fixed-rate 221(d)(4) FHA loan to Hudson Valley Property Group (HVPG) for the substantial rehabilitation of Northgate 1 Apartments, an affordable multifamily housing property. PGIM Real Estate is the $208 billion real estate investment and financing business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU).
Located in Camden, New Jersey, Northgate 1 Apartments features 321 affordable housing units of which 310 are project-based Section 8 with a new 20-year contract. The rehabilitation plans include substantial in-unit and common area upgrades, as well as a redesign of the building's exterior, improved accessibility, and significant systems replacements.
The project successfully utilized the Aspire state tax credit program offered through the New Jersey Economic Development Administration. The Aspire program will deliver approximately $41.5 million in tax credit equity to the project that will be used to pay for a portion of the renovation costs.
"As one of the first FHA deals to utilize New Jersey's Aspire tax credit program, PGIM Real Estate is proud to serve as a leader in delivering critical and innovative financial tools to the affordable housing sector," said Alex Viorst, who led the deal team on PGIM Real Estate's behalf. "We are pleased to support HVPG's acquisition and substantial rehab of Northgate 1 and look forward to continuing our relationship with HVPG to help transform affordable housing developments that better serve both residents and their communities."
