‘KeyBank Secures M for Affordable Multifamily Property in NJ’

KeyBank recently announced the successful securing of a .9 million financing deal for Hudson Valley Property Group. The funds will be used to refinance Grandview Terrace Apartments, a 283-unit affordable multifamily property located at 222 St Pauls Ave in Jersey City, NJ.

Situated in the Journal Square area, Grandview Terrace Apartments is specifically designed for families with incomes ranging between 60% and 90% of the area median income. The property has also benefited from a HUD Section 223(f) program loan, which comes with a 35-year fully amortizing term. Additionally, the Jersey City Housing Authority’s subsidy supports 94% of the units through project-based vouchers.

Originally developed as a HUD Section 202 property, Grandview Terrace Apartments now enjoys flexible subsidy loans under Section 201, thanks to the efforts of Hudson Valley Property Group in extending the affordability term to prevent tenant displacement.

The financing obtained by KeyBank has enabled renovations to take place at the property, improving both unit and common area amenities. Leslie Meyers from KeyBank’s Affordable Housing Team played a key role in leading the financing, which ultimately paid off the acquisition/construction loan that was previously financed by Eric Steinberg of KeyBank CDLI.