12C — May 21 - June 17, 2021 — Multifamily Development — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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Multifamily Development
Partnership with NJHMFA extends affordability of all 169 units for the next 30 years Standard Communities acquires a 169-unit affordable senior community in Atlantic City, NJ A Communities.
Agency. The renovation also includes significant energy and water conservation measures, in - cluding low-emissivity win - dows, LED lighting fixtures, low-flow plumbing fixtures, ENERGY STAR rated refrig - erators and air-conditioning units, and smart thermo - stats in all apartments. These conservation measures are expected to reduce energy consumption by 27% and wa - ter usage by 22%, collectively saving Baltic Plaza residents over $31,000 per year in utility bills. The amount of electricity and natural gas saved by these energy efficiency measures will reduce the building’s car - bon footprint by 315 metric tons of carbon dioxide per year – the equivalent of approxi - mately 800,000 miles driven by a typical passenger car. Focused on more than bricks and mortar, Standard Com - munities will provide Baltic Plaza residents with support and resources designed to enrich their lives, including a Resident Service Coordinator at the property to design and implement a comprehensive suite of resident services and community programs. These include access to wellness programs and special events. These resident and commu - nity services will be based in a renovated amenity spaces and provided at no cost to residents. “Standard strives to connect our capital with our values,” said Alter. “This public-private partnership is a major invest - ment in Atlantic City that will leverage local resources to serve our residents, and reno - vations on the property will provide significant utility sav - ings for the residents through our sustainability initiatives at Baltic Plaza,” added Alter. “Our approach to work - ing collaboratively with fed - eral, state, and local agencies allows us to produce high- quality affordable housing opportunities and provide access to services that al - low our residents to thrive with minimal reliance on scarce public resources. Upon completion of the renovation next year, Baltic Plaza will be emblematic of that dedication and creativity,” said Steven Kahn , who is responsible for Standard Communities’ ac - quisitions in New Jersey and Pennsylvania. MAREJ
(HUD) and the New Jersey Housing and Mortgage Fi- nance Agency (NJHMFA) . The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC Bank , with additional financing pro - vided by Citibank . “Standard is pleased to part - ner with the New Jersey Hous - ing and Mortgage Finance Agenc y , who have worked tire - lessly to ensure the creation and preservation of affordable housing in this critical time,” said Scott Alter , principal and co-founder of Standard
TLANTIC CITY, NJ — In its first acquisi - tion in New Jersey, Standard Communities , the affordable housing division of Standard Companies, has acquired Baltic Plaza Apart - ments, a 169-unit affordable senior community in Atlantic City. The total capitalization of this transaction is approxi - mately $38 million. Built in 1982 and located at 1313 Baltic Ave. in Atlantic City, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract.
With an approximately $10 million renovation planned, Standard will provide resi - dents with updated units, upgraded common area and amenity spaces, and modern - ized building systems. “This public-private part - nership will extend the afford - ability of all 169 units for the next 30 years and facilitate a transformative renovation that will dramatically enhance the resident experience,” said Melanie Walter , executive director, New Jersey Hous - ing and Mortgage Finance
Baltic Plaza Apartments Standard Communi t ies completed this transaction in partnership with the US Department of Housing and Urban Development
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