M id A tlantic Real Estate Journal — Owners, Developers & Managers — April 2026 — 37
www.marej.com
O wners , D evelopers & M anagers
AYONNE, NJ — Adam Zweibel , presi- dent of Hudson Atlan- Senior Horizons Bayonne, NJ deal shaped by multi-agency approvals and layered financing Hudson Atlantic Realty navigates complex sale of 59-unit affordable senior housing community B
Financing layers comprised two mortgages — a first mort - gage from the NJDCA Neigh- borhood Preservation Balance Housing Program and a second mortgage from Hudson County — plus a non-interest-bearing solar photovoltaic loan from NJHMFA, repayable through the sale of Solar Renewable En- ergy Certificates (SRECs). The property was originally placed in service as a LIHTC rehab project in November 2022. “Closing this deal required mastering thousands of pages of regulatory paperwork across multiple government agencies
and navigating decades of overlapping restrictions, ac- crued interest positions, and compliance covenants,” said Zweibel. “By leveraging ad- vanced AI tools alongside deep industry expertise, we were able to efficiently analyze, organize, and resolve the intri- cate layers of documentation, financing, and operational requirements to successfully complete the transaction.” Hudson Atlantic Realty spe- cializes in all complex multifam- ily transactions, including those involving market-rate and/or affordable housing. MAREJ
tic Realty and Zweibel Multifamily Group , and the exclusive listing broker for the seller, announced the closing of the sale of
Adam Zweibel
Senior Horizons of Bayonne Urban Renewal, LLC, a 59- unit senior affordable housing community located at 74 Lex- ington Ave. in Bayonne. The transaction stood out for its exceptional complexity, involving multiple overlapping regulatory restrictions, lay- ered public financing, decades- long compliance obligations, and approvals from multiple government agencies — all typical of Low-Income Housing Tax Credit (LIHTC) rehabili- tation projects. The property is subject to: • A LIHC Regulatory Agree - ment with the New Jersey Housing and Mortgage Fi- nance Agency (NJHMFA) through 2047 • A New Jersey Department of Community Affairs (NJD- CA) Affordable Housing Agree- ment through November 2047 • A Hudson County HOME regulatory agreement through 2042 Tenant restrictions require 30% of units leased to house- holds at or below 60% of Area Median Gross Income (AMGI), 40% at or below 50% AMGI, and 30% at or below 40% AMGI. The deal also included a Payment in Lieu of Taxes (PILOT) agreement with the City of Bayonne. MID-ATLANTIC — Sa- las O’Brien is expanding integrated design services by welcoming Rock Brook , an award-winning firm rec- ognized for its client-driven approach to complex projects. With more than two decades of experience serving healthcare, higher education, life sciences, manufacturing/industrial, and corporate clients, the team strengthens Salas O’Brien’s ability to support mission- critical facilities with highly responsive, integrated design services. MAREJ Salas O’Brien welcomes Rock Brook
Senior Horizon
Made with FlippingBook Digital Proposal Creator