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Hudson Valley Property Group partners with two Maryland not-for-profit organizations to preserve and renovate 400 units of HUD housing, Summer 2017

Hudson Valley Property Group is excited to announce two of its newest endeavors that will preserve nearly 400 units of HUD housing in the state of Maryland. Both of these rehabilitation projects underscore HVPG’s mission to support and empower not-for-profit owners that are looking for solutions that allow their organizations to remain involved, and that will prioritize their residents. HVPG starts every partnership re-development project by asking the following questions:

  • What is the vision of the property?
  • What approach would least disrupt the lives of the residents while creating high quality, comfortable, and affordable living environments?
  • What are the long-term goals of the NFP?
  • What financing structure provides the greatest benefits to the project while meeting the needs and desires of the organization?
  • What property enhancements do the residents most desire?
  • What local community groups and resources can provide services to better this project?

Westminster House in Baltimore, Maryland and Bethel Gardens Apartments in Hagerstown, Maryland will benefit from a full recapitalization through low-income housing tax credit investments, and will receive extensive property upgrades. Both transactions closed in Summer of 2017 and renovations are scheduled to begin in late summer/early fall.

Westminster House:

Hudson Valley Property Group partnered with United Presbyterian Ministries of Maryland to acquire and rehabilitate Westminster House Apartments in Baltimore, Maryland. UPM has a mission to provide high-quality affordable housing in Maryland, and has joined forces with Hudson Valley to modernize and preserve the affordability of the property while retaining ownership and management of the building. Westminster House is a HUD 202, 283-unit property is located in the historic Mount Vernon neighborhood, just north of the downtown area. Open to seniors 62 years and older, Westminster House provides many attractive amenities to residents including a library, lounge, solarium, private underground parking, convenience store, beauty salon, and fitness center.

Working

By |August 10th, 2017|Categories: Uncategorized|0 Comments

HUD, NJHMFA and Hudson Valley Property Group Celebrate Completion of 207-unit Colt Arms Apartments Renovation

Paterson, NJ, June 20, 2017 – Hudson Valley Property Group (HVPG) is pleased to announce the completion of the $11 million renovation project at Colt Arms Apartments, located in the 1st ward of Paterson, New Jersey. Dean Santa, Division Director of US Housing and Urban Development joined the development team at the ribbon cutting ceremony this past Tuesday, June 20, 2017 at 11am.

“Colt Arms Apartments is another great example of how HUD’s Rental Assistance Demonstration (RAD) program can leverage public and private funding to preserve much needed housing that is now affordable for senior residents,” said U.S. Department of Housing and Urban Development New Jersey Field Office Director Maria Maio-Messano.  “HUD is also providing 20 years of rental subsidy that will keep these units affordable. Colts Arms seniors can now enjoy a beautifully renovated building with multiple amenities that will afford them a better quality of life and financial stability in their golden years.”

The property is located at 52 Godwin Street in Paterson, and was acquired in January 2016 by Hudson Valley Property Group, a New York City-based developer that is dedicated to the preservation of quality, well-managed affordable housing throughout the tristate area. Colt Arms is one of the early preservation projects in the nation utilizing the Rental Assistance Demonstration II (RAD II) program, which included the issuance of a new 20-year, Section 8 Project-Based Rental Assistance (PBRA) contract. The “project-basing” of the apartments not only ensures that Colt Arms will remain quality, affordable housing for decades to come, but it also made additional rental assistance available to residents that did not previously receive subsidy.

“The majority of residents were not subsidized. As a result of the RAD program, effectively all of the residents who are income-qualified received project-based assistance, which lowered the amount of money that the tenants

By |June 26th, 2017|Categories: Uncategorized|0 Comments

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

UVA TODAY: THE U.S. NEEDS MORE AFFORDABLE HOUSING. THIS ALUMNUS IS LEADING THE WAY

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