M id A tlantic Real Estate Journal — New Jersey — September 17 - October 21, 2021 — 9B N ew J ersey
The transaction completed in partnership with HUD and NJHMFA Standard Communities expands presence inNJwith affordable housing acquisition in Atlantic City
The renovations include sig- nificant energy and water conservation measures, in- cluding low-emissivity win- dows, LED lighting fixtures, low-flow plumbing fixtures, ENERGY STAR rated appli- ances, and improved HVAC controls and systems. These energy conservation measures are expected to collectively reduce energy consumption by 20% and, when combined with expected reductions in water usage, are anticipated to save New York Avenue Apartments residents over $20,000 per year in utility bills. These energy
efficiency measures will reduce the building’s carbon footprint dramatically each year, with a reduction in greenhouse gases equivalent to the output from driving a passenger car more than 600,000 miles per year. Similarly, the water saved by the energy efficiency measures each year is equivalent to the volume of over three Olympic- sized swimming pools. Renovations include upgrad- ing the existing community spaces, improving exterior common space and grounds with resident amenities and installing storage units for
residents. Building security will be enhanced, and im- provements will be made to lighting, landscaping and signage. Building systems will be modernized, including plumbing, HVAC, windows and the roof. Kahn of Standard added that “New York Avenue resi- dents will receive support and resources designed to enrich their lives, including a resi- dent service coordinator at the property who will design and implement a comprehensive suite of resident services and community programs.” MAREJ
TLANTIC CITY, NJ Standard Commu- nities has expanded
its presence in New Jersey with its sec- ond acquisi- tion in Atlan- tic City since April. Lead- i ng a pub - l i c - p r i v a t e partnership,
Standard acquired New York Avenue Apartments, a 151-unit affordable senior community. The total capitalization of this transaction is $35.9 million. B uilt in 1980 and located at 233 North New York Ave., New York Avenue’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. Standard Communities com- pleted this transaction in part- nership with the U.S. Depart- ment of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA) . The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC Bank , with additional fi- nancing provided by Citibank . “Standard is not only in- vesting in the building; we’re investing in the people who call this community home. We are proud of this public-private partnership, which not only provides these residents with the peace of mind that comes with a commitment to long- term affordability at the prop- erty, but will result in nearly every aspect of the property being upgraded and modern- ized,” said Steven Kahn , who is responsible for Standard Communities’ acquisitions in New Jersey and Pennsylvania. Standard will oversee a reno- vation budgeted at more than $10 million, “that will dra- matically enrich the resident experience,” said Scott Alter , principal and co-founder of Standard Communities. “This renovation will revi- talize the property, improving energy efficiently and comfort throughout the living space. This partnership between Stan- dard Communities and NJHM- FA will allow for New York Avenue Apartments to serve as a high-quality, affordable hous- ing for many years to come,” added Melanie Walter , the
233 North New York Ave. executive director of the New Jersey Housing and Mortgage Finance Agency.
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