NYC HDC, NYC HPD, HUD, Hudson Valley Property Group, Phoenix Realty Group & Belveron Partners Celebrate Completion of 613-unit Keith Plaza and Kelly Towers Renovation

$88 Million Preservation Effort Keeps 42-Year-Old Mitchell-Lama Developments Affordable for an Additional 35 Years

HUD’s Rental Assistance Demonstration Program Key to Preserving Long-Term Affordability


Bronx, New York – May 12, 2017 – Hudson Valley Property Group (HVPG), Phoenix Realty Group (PRG), ), and Belveron Partners are pleased to announce the completion of the $14 million renovation project for Keith Plaza and Kelly Towers, located in the Bronx, New York. Councilman of the 15th District, Ritchie Torres, HDC Chief Operating Officer & General Counsel, Richard Froehlich, Assistant Commissioner, Division of Housing Supervision, Julie Walpert, and HUD Deputy Regional Administrator of New York and New Jersey, Mirza Orriols,  joined the development team at the ribbon cutting ceremony this past Friday, May 12, 2017 at 11am.

“The extensive rehabilitation and preservation of more than 600 units of housing at Keith Plaza and Kelly Towers demonstrates the successful public and private partnership needed to protect the affordability and quality of our critical Mitchell-Lama housing stock,” said HDC President, Eric Enderlin.  “I would like to acknowledge and thank our many partners at HUD, HPD, Hudson Valley, Phoenix Realty Group, and Belveron Partners for all their hard work to preserve this vital affordable housing for The Bronx and New York City.”

“Our preservation work is safeguarding the affordability of homes and neighborhoods, and ensuring the quality of our city’s critical infrastructure – housing – for generations to come,” said HPD Commissioner Maria Torres-Springer.  “Preserving the remaining stock of Mitchell-Lama housing is an important component of the housing plan, and this investment is paying off at developments like Keith Plaza and Kelly Towers.  HPD thanks HDC, Hudson Valley Property Group, and Phoenix Realty Group for bringing much-needed improvements and the security of extended affordability to more than 600 families.”

The acquisition, preservation and renovation of Keith Plaza and

Wall Street Journal: Affordable Housing Heats up in New Jersey

March 19, 2017

By Keiko Morris

A joint venture of landlords and investors obtained a $144 million loan from Fannie Mae to finance its purchase of more than 1,000 affordable apartments mostly for seniors across several buildings in central and northern New Jersey, according to the company that structured the loan deal.

Walker & Dunlop arranged the financing for the $181 million acquisition by a joint venture of Hudson Valley Property Group LLC, Red Stone Companies LLC and Wheelock Street Capital, said Andrew Gnazzo, managing director of Walker & Dunlop.

The venture bought the seven buildings, which receive Section 8 housing assistance from the federal government, from Kline Enterprises.

The buying group acquired the portfolio intending to invest in the properties and upgrade the buildings, which are located in Paterson, Orange, East Orange, Metuchen, Old Bridge, Hazlet and East Windsor, Mr. Gnazzo said. The loan deal was a complex transaction that took about a year to close.

The affordable housing market is generally less competitive than the market-rate rental apartment sector but has begun to attract more investors. The multifamily rental industry has been one of the most desirable asset classes in the real-estate world for the last decade, Mr. Gnazzo said. Market-rate assets have become expensive and yields have shriveled, Mr. Gnazzo said.

Some investors looking for better returns have turned to the affordable housing market, joining forces with more experienced partners.

“This affordable housing space also has gotten competitive,” Mr. Gnazzo said. “You are getting a better bang for your buck.”

Link to full article

By |March 20th, 2017|Categories: Uncategorized|0 Comments


March 17, 2017
By Caroline Newman

This year, University of Virginia alumnus Jason Bordainick’s company, Hudson Valley Property Group, has rescued more than 2,500 affordable housing units from the chopping block and made them more livable and sustainable than ever, while still remaining affordable to the current tenants.

Affordable housing is a growing problem in the United States. One recent report from U.S. Sen. Maria Cantwell, a member of the Senate Finance Committee, found that a dramatic increase in renters, a 13 percent decline in existing affordable housing units and stagnant wage growth have caused the demand for affordable housing to outstrip supply.

Bordainick, who graduated from UVA’s McIntire School of Commerce in 2002, hopes that his company can provide a for-profit solution to that problem. He co-founded the company in 2010 with his childhood friend, Andrew Cavaluzzi. Their first project turned around nine affordable housing units in Newburgh, New York, about an hour from their hometown, and gave the pair a taste of what it was like to tangibly improve someone’s living situation.

“It turned out to be a good investment, and we got to directly see how our work changed the lives of the people living there,” said Bordainick, who in 2016 was named one of six top young leaders in the industry by Affordable Housing Finance. “We realized that we could replicate that success and grow a firm dedicated to the preservation of affordable housing.”

This is not Bordainick’s first venture into real estate. As an undergraduate, he started a student housing website that has now expanded to serve more than 2 million students at 100 universities, including UVA.

“I actually started my career as an entrepreneur at UVA,” Bordainick said. “I was recruited as a track athlete, but had an injury that curtailed my track career. So I put the time I had

Hudson Valley Property Group, Red Stone and Wheelock Street Capital acquire and preserve 1,009 units of New Jersey affordable housing

New Jersey, February 16, 2017 – Hudson Valley Property Group LLC (“HVPG”) and Red Stone Companies, LLC, in joint venture with Wheelock Street Capital, acquired 1,009 units of New Jersey senior and family affordable housing located throughout northern New Jersey. The seven properties are subsidized through US Department of Housing and Urban Development project-based Section 8 contracts. The acquisition is the first phase of a long-term preservation plan that will include thoughtful and sustainable upgrades to the properties in the years to come. HVPG is a New York City based affordable housing preservation firm. Red Stone was responsible for securing the debt financing and worked closely with HVPG to assemble the capital stack for the transaction. Wheelock Street Capital provided the majority of the equity capital. The debt was funded by utilizing a unique financing facility structured by Walker & Dunlop and Fannie Mae. The New Jersey-based property management company, Community Realty Management, assumed operations while retaining a majority of the existing management staff at each of the sites.

This transaction, which was valued at over $180 million, demonstrates a creative financing execution to preserve New Jersey’s aging supply of affordable housing without relying on limited state public funds. The properties are located in the towns of Hazlet, East Orange, Metuchen, Old Bridge, Orange, Windsor and Paterson. It is estimated that portfolio houses a total of 2,500 residents. The municipalities where these properties reside have been supportive of the preservation of the portfolio. The joint venture plans to hold the properties long-term and pursue renovations and sustainable upgrades based on the physical needs at each of the sites.

“The previous owners built an impressive organization and team providing much needed affordable housing throughout New Jersey. We are excited to have the opportunity to carry on their legacy, and to preserve

By |February 22nd, 2017|Categories: Uncategorized|0 Comments

NYREJ 2016 Year in Review: Jason Bordainick, Hudson Valley Property Group

Dec. 20, 2016

What was your most notable project, deal, transaction or professional achievement in 2016?

Affordable Housing Finance selected six young leaders in the affordable housing industry to be honored in 2016, and I was one of the six award recipients from the nationwide pool. In addition to this personal achievement, our firm, Hudson Valley Property Group (HVPG), has expanded its portfolio significantly. We will close on 1,500 units (nearly $250MM) of affordable housing this year​.

Industry Catalysts: AHF’s 2016 Young Leaders

What project, transaction, market trend or product had the greatest impact on your industry this year?

HUD’s​ Rental Assistance Demonstration (RAD) program has been one of the most effective​ government subsidy programs in facilitating the preservation of affordable housing by private firms around the country​. RAD offers a great public private partnership model whereby private capital can be invested alongside the public programs to improve the quality of housing. RAD has yielded the preservation of 1.34 million units as of 2016.

Two of the first four RAD Component 2 contracts awarded in the nation were executed by our firm; one of which closed with a significant private equity investment in the Bronx, NY. We will continue to pioneer the use of RAD in preserving affordable housing nationwide.

AHF press re RAD closings

How will you be supercharging your productivity in 2017? 

HVPG grew significantly in 2016, and we expect to continue to grow in 2017. We are building out our team; adding headcount and scaling up operations. We are developing new relationships and strategic partnerships with owners and private equity investors to grow our pipeline and optimize project results. We are also excited about entering new markets in 2017 where we will acquire, renovate and preserve the long-term affordability

By |January 12th, 2017|Categories: HVPG News, Industry News, Preservation|0 Comments

Hudson Valley Property Group, Phoenix Realty Group, RY Management and residents celebrate the holidays at Keith Plaza and Kelly Towers, Bronx family workforce housing properties

An evening to celebrate community, the holidays and the completed lobby transformation and ongoing renovations at Keith Plaza and Kelly Towers

Bronx, New York, December 23, 2016 – This past Monday and Tuesday, residents and staff of Keith Plaza and Kelly Towers Apartments were joined by the property’s owner and developer, Hudson Valley Property Group, and property manager, RY Management, to celebrate community, upcoming holidays, and the properties’ ongoing $14 million renovation.

The RY Management team has created an annual holiday tradition organized by District Manager, Daniel Durante, at the two properties that new owner, a partnership between Hudson Valley Property Group and Phoenix Realty Group, was excited to continue to sponsor and support. Keith Plaza and Kelly Towers are home to approximately 2,500 residents and staff. All of them were invited to attend the holiday dinner parties that took place in the recently upgraded lobbies at the respective properties. Local Bronx neighborhood restaurant, Villa Barone, provided a full holiday spread, while the properties’ security vendor, Madison Security, provided holiday gift baskets and raffle prizes that went home to lucky winners.

Keith Plaza is a 311-unit, 30 story building located at 2475 Southern Boulevard, and Kelly Towers is a 301-unit, 17-story located across the street at 2375 & 2405 Southern Boulevard. The two properties were acquired by Hudson Valley Property Group and Phoenix Realty Group in December of 2015. Both properties are being renovated and preserved as affordable workforce housing for the long-term. Financing for the project was provided by the City of New York, including the New York City Housing Development Corporation and the New York City Department of Housing Preservation and Development, in addition to equity investments by the owners and Belveron Partners.

As described by Jason Bordainick, Managing Partner, Hudson Valley Property Group, “This important project will ensure that working class

Paterson’s Colt Arms housing complex celebrates $12 million renovation and holidays with luncheon and Councilman Jackson

Dec. 19, 2016 – The new owner of the Colt Arms Apartments and senior citizens living at the Godwin Street housing complex celebrated the recently finished $12 million renovation of the building and the upcoming holidays with a luncheon.

Colt Arms, home to over 220 residents and staff, underwent an almost year-long construction project to fully renovate the building and individual units. New York City-based Hudson Valley Property Group spent $30 million to turnaround the 41-year-old senior housing complex it acquired for $9.6 million in January.

The developer spent approximately $12 million on rehabilitating the 14-story building. Works included replacement and upgrade of the heating system, improvements to the kitchens, bathrooms including new flooring, improved energy efficiency through upgrades to lighting, appliances, installation of solar panels, and water saving fixtures.

There was also painting, new flooring for hallways and renovation of all common areas. Outside of the building new roof, brick masonry replacement and repointing, addition of vertical and horizontal expansion joints, improvements to parking lot, walkways, and tenant recreation spaces works were completed.

Developer is also upgrading the fire alarm with new sprinkler system and setting up a new security system with surveillance cameras.

“I’m happy and pleased to be part of the Colt Arms Apartments community celebration and pleased to see progress with the transformation at this property,” councilman Michael Jackson said.

Jackson joined the residents, new owner, and property management company Pleasantville-based Community Realty Management on Thursday for the luncheon. All 220 residents and staff of the building at 52 Godwin Street were invited for the lunch event catered by Laneve’s Banquets at the complex’s newly renovated community room where they were provided a full holiday spread.

The developer is preserving low-income housing for seniors at the site for the next 20 years due to the Rental Assistant Demonstration (RAD) conversion executed at

The Plaza at Amityville, November 2016 Ribbon Cutting

On Friday, November 18th, Hudson Valley Property Group – along with the Town of Babylon Industrial Development Agency (IDA) and development partners MDG Design and Construction (MDG), Ken Oppenheimer and Hudson Housing Capital celebrated the completion of the $11.7 million renovation of The Plaza at Amityville, a 51-unit multifamily affordable housing development located in North Amityville, New York.
The ribbon cutting event was featured in Multi-Housing News:

Fresh Look, New Name for Long Island Community

by Veronica Grecu
Developers, capital sources and public agencies teamed up for a $11.7 million upgrade of a property in North Amityville, N.Y.

Babylon, N.Y.—An affordable housing community in the town of Babylon in Long Island, N.Y., went through an extensive rehabilitation process that aims extend the affordability of the development for another 20 years.

The newly renamed Plaza at Amityville, formerly known as Andpress Plaza, is located in the North Amityville area of Babylon and was built in 1983 with federal housing financing. Earlier this year, the Town of Babylon Industrial Development Agency (IDA), along with development partners MDG Design + Construction, local developer Ken Oppenheimer, Hudson Valley Property Group and Hudson Housing Capital, set out on an $11.7 million renovation of the multifamily community. The project was funded by Red Stone Tax Exempt Funding and New York State Homes and Community Renewal (HCR).

“This $11.7 million transformational project helps to maintain this important workforce housing stock. It’s an important investment for North Amityville and the entire town of Babylon. The Town will continue to work with all partners interested in preserving or creating workforce housing units,” said Babylon Supervisor Rich Schaffer.

The renovations at The Plaza at Amityville were completed with residents in place, and include new apartment entrance doors, kitchen and bathroom modernization, new security cameras and mailboxes, as well as

By |December 2nd, 2016|Categories: Uncategorized|0 Comments

Jason Bordainick, HVPG Managing Partner, named 2016 Young Leader by AHF

Affordable Housing Finance is recognizing six individuals 40 and younger who are playing vital roles in the creation and preservation of affordable housing across the nation.

jb-photo-ahfAs featured in the October 2016 issue of Affordable Housing Finance, Special Focus Section titled “Industry Catalysts” by Donna Kimura:

The 6-year old Hudson Valley Property Group (HVPG) is becoming a force in affordable housing. The New York-based firm expects to double its portfolio of nearly 1,400 units by closing on another 1,500 apartments by the end of this year. HVPG owns properties in Florida, Maryland, New Jersey and New York and is expanding into several more states in the Northeast and Mid-Atlantic in 2017. 

“The vision is to build a nationwide platform to preserve affordable housing, bring fresh ideas in how deals are financed, and strengthen partnerships that [let us] grow the business [and] expand on the services we can offer tenants and the community,” says Bordainick, managing partner. 

HVPG has been strategic and creative in its willingness to partner with different for-profit and nonprofit firms, says Deborah VanAmerongen, a strategic policy adviser at Nixon Peadbody, a law firm that’s worked with HVPG. “With each of these partnerships, [HVPG’s] skill set has grown, and they’ve rapidly developed the capacity to undertake transactions on their own,” she says. 

Bordainick, 35, serves on the board of the New York State Association for Affordable Housing. 

Link to online article

By |October 11th, 2016|Categories: Uncategorized|0 Comments

Celebrating the completed preservation of Marien Heim Tower

Midwood senior housing building gets affordable overhaul, video and story featured on News 12

HUD, NYS Homes and Community Renewal, Hudson Valley Property Group, MDG Design + Construction AND Marien-Heim Tower Associates Celebrate Completion of 181-Unit Marien-Heim Tower Renovation

$52.7 Million Preservation Effort Keeps 41-Year-Old Mitchell-Lama Development Affordable for Seniors for an Additional 40 Years

HUD’s Rental Assistance Demonstration Program Key to Preserving Long-Term Affordability

Brooklyn, NY – October 6, 2016 – Today, the U.S. Department of Housing and Urban Development (HUD) and the New York State Homes and Community Renewal (HCR) joined residents and development partners MDG Design + Construction (MDG), Hudson Valley Property Group (HVPG), and Marien-Heim Tower Associates LP to celebrate the renovation of Marien-Heim Tower, a 181-unit affordable development for low-income seniors aged 62 and older. Marien-Heim Tower, a Mitchell-Lama development in the Midwood section of Brooklyn, recently completed a nearly $53 million state financed and federally assisted rehabilitation project to preserve long-term affordability.

“Marien-Heim Tower illustrates HUD’s ongoing commitment to providing and preserving affordable housing for our seniors,” said Holly Leicht, HUD Regional Administrator for New York and New Jersey. “Originally financed and built through a HUD-insured loan, residents have benefited from federally subsidized rents for decades. Now, thanks to our Rental Assistance Demonstration, those affordable rents will be preserved, and much-needed repairs will make residents proud to call Marien-Heim Tower home.”

HCR Commissioner James S. Rubin said: “Keeping this apartment complex and others like it livable and affordable is a central tenet of Governor Cuomo’s affordable housing program. Simply put, this housing – these homes and others like them – are irreplaceable, and preserving them is not optional. We are so pleased with this outcome. The acquisition and renovation of Marien-Heim Tower is also a perfect

By |October 7th, 2016|Categories: Uncategorized|0 Comments