Project Description

Bethany Towers

1 Clark Street, Hazlet, NJ

Located in Hazlet, New Jersey, the 141-unit senior property was built in 1983. The property was acquired in February 2017 by Hudson Valley Property Group as part of a  1,000+ unit portfolio transaction. The building is eight stories tall with a brick façade. All common areas of the property have handicap accessibility. Amenities include resident services, a community room with commercial kitchen, off-street parking and a laundry room with commercial washers and dryers.

The portfolio acquisition is the first phase of a long-term preservation plan that will include thoughtful and sustainable upgrades to the property in the years to come. HVPG executed the transaction in joint venture with Red Stone Companies, LLC and Wheelock Street Capital. 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. 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, with contributions from HVPG and RS. The debt was funded by utilizing a unique financing facility structured by Walker & Dunlop and Fannie Mae.