ACQUISITION / PRESERVATION The NHP Foundation Completes Recapitalization of Apartments in Newark, NJ Transactions to rehabilitate housing units including Permanent Supportive Housing (PSH)
July 12, 2022 New York, NY— NHPF, a national not-for-profit provider of affordable housing, announced today that it has closed the recapitalization of New Center City and New Irvine Turner Apartments in Newark, NJ. The deal will include 143 Section 8 units with 15 set aside for PSH. NHPF will perform a comprehensive rehab on the six-building property including site and exterior improvements, replacements of mechanical systems, structural repair and reconstruction, renovations to each unit (kitchen upgrades, bathrooms improvements, living space upgrades) and common areas. New community spaces will include a management office, resident services office and amenity spaces including laundry facilities and function room. One building, 80 Court Street, (part of New Center City, pictured below) will be historically preserved. Funding for the $56M recapitalization was made possible by New Jersey Housing Mortgage and Finance Agency (NJHMFA) which allocated the tax exempt bonds, 4% LIHTC and Special Needs Housing Trust Funds; Enterprise Community Partners for LIHTC Syndication; Lument Capital for FHA 223f/241a loans; HUD for Section 8 Chapter 15 renewal; Cedar Rapids Bank & Trust for a tax credit bridge loan; and additional funding from the Federal Home Loan Bank-Affordable Housing Program through the M&T Bank. Case management services for those living in the PSH units will be provided by the Newark YMCA. “It is critical to preserve the current affordable housing stock in Newark to ensure residents can continue living prosperous lives in their community,” said Mecky Adnani, NHPF Sr. Vice President and lead developer, who continued, “The preservation of New
Center City and New Irvine Turner will have significant impact on the neighborhood because it will reposition these buildings, maintain property affordability and increase the quality of life of our residents through a comprehensive rehabilitation that will mitigate the current public health concerns.” Dick Burns, NHPF CEO added “Through the redevelopment of these buildings, residents will live in fully renovated units and have access to various services including educational, health, and financial empowerment. This is the essence of NHPF’s mission - enriching affordable housing with needed services. The New Center City renovations are expected to complete by October, 2022 and New Irvine Turner will complete by July, 2023.
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