One of Jersey City’s most prominent affordable housing complexes has completed a preservation and restoration effort shortly after being purchased by a new owner.
Hudson Valley Property Group recently (HVPG) wrapped up work on a $71 million acquisition, preservation and renovation project at Grandview Terrace Apartments, a 283-unit senior housing complex located in the Journal Square neighborhood of Jersey City.
Located at 222 St. Paul’s Avenue, the building received a variety of holistic improvements including modernization, energy efficiency upgrades, unit renovations, and the addition of an enhanced security system.
“We’re elated to unveil the revitalized Grandview Terrace, a collaborative effort with the Jersey City Housing Authority (JCHA) and HUD that will ensure long-term affordability for local seniors who were previously at risk of losing access to this affordable housing and possibly being displaced,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group.
“From the comprehensive modernization to the installation of advanced security measures, every aspect of this project reflects our commitment to creating secure, inviting places for our residents to call home.”
The renovations within the apartments broke down to about $53,500 per unit and included the installation of new kitchen cabinetry and countertops, new high-efficiency appliances, high-output lighting and water-conserving fixtures, and the creation of fully compliant ADA units.
The biggest upgrade at the property is probably the creation of a new sky lounge that sports a stretching room, community room, library, and computer center with views of New York City. Other interior upgrades included new flooring, wall patching, and painting throughout the complex.
The initial acquisition and substantial rehabilitation of the Grandview Terrace Apartments was financed with equity from HVPG’s second affordable housing fund and a construction loan from Key Bank. The renovations were completed in about 16 months.
To ensure the long-term affordability of the property, HVPG secured a 20-year HUD Regulatory Agreement. The company worked with the JCHA to secure new Section 8 subsidies for 267 low-income households that did not previously receive any rental assistance, ensuring that no residents were displaced and that income-qualified tenants will pay no more than 30% of their income in rent.
The Grandview Terrace project is part of Hudson Valley Property Group’s recent acquisition of an 1140-unit affordable housing portfolio that spans several states, a collection of properties that also includes the Northgate One Apartments in Camden.
