Real Estate Journal — Northern New Jersey — September 15 - 28, 2017 — 7B


M id A tlantic

N orthern N ew J ersey Utilizing Tax-Exempt Bonds issued by NJHMFA and Low-Income Housing Tax Credits CandlebrookProperties’ newdivisionCb3acquires first affordable housing property for $12.25million


Housing Tax Credits and HUD’s provision of a Mark- to-Market Project Based Sec- tion 8 Contract. The City of Irvington provided PILOT and additional support needed to finalize the acquisition. Construction is slated to begin in August 2017 with the expected completion date of August 2018. Candlebrook was founded in 2005, and launched its busi- ness focusing on the acquisi- tion and repositioning of dis- tressed apartment properties in the New York City area. This business later expanded

to the suburban New Jersey markets and Philadelphia, and to date, our portfolio has comprised over 15,000 apart- ment units representing over $2 billion in value. Its invest- ment strategy is to identify underperforming assets with untapped intrinsic value that can be realized through the implementation of a hands-on approach to management and execution by its vertically- integrated platform. Candle- brook’s team now consists of nearly 150 dedicated profes- sionals, operating across the Midwest and East Coast. n

RVINGTON, NJ — Can- dlebrook Properties, LLC (Candlebrook) ,

a diversified real estate c o m p a n y h e a d q u a r - tered in New Y o r k , a n - nounced that CB3 , a new divi s i on of Candlebrook

Josh Levy

that serves as a platform to create superior housing choices, social services and high-end management in the affordable housing industry, has acquired its first afford- able housing property. CB3 has acquired Berkeley Terrace Apartments (Berke- ley Terrace); a two story, 152- unit garden style, Sec- tion 8 property situated on 5.73 acres in Irvington. The purchase and financing of Berkeley Terrace was made possible using Tax Exempt Bonds and Low-Income Hous- ing Tax Credits, which will permit CB3 to implement an extensive renovation of the property, breathing new life into an asset that had received a failing score under HUD’s Real Estate Assess- ment (“REAC”) score. “Prior to joining Candle- brook, I specialized in rehabili- tation projects, specifically in the use of tax incentives and government subsidies in con- nection with the rehabilitation and new construction of afford- able and workforce housing properties,” said Josh Levy , managing director of Candle- brook Properties, “Leading Candlebrook into new terri- tory under CB3, I’m confident we will produce affordable housing that serves the com- munity through its amenities, attention to detail, and overall quality of life that it offers.” Candlebrook utilized Tax- Exempt Bonds issued by New Jersey Housing Mortgage Finance Agency (NJHMFA) and Low-Income Housing Tax Credits to purchase the prop- erty which provides essential affordable housing in Essex County, NJ to families at or below 60 percent of the area median income. Financing was made possible by R4 Capi- tal Funding who purchased $16.3 million in Tax Exempt Bonds and $8,058,250 in tax credit equity provided by Al- liant Capital through their purchase of the Low-Income

Berkeley Terrace Apartments

P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com

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