Project Description

Grove Street

25 South Grove Street, East Orange, NJ

Located in East Orange, New Jersey, the 128-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 nine stories tall and is serviced by two elevators with an elevator penthouse on the roof. All common areas have handicap accessibility, and sixteen units are ADA accessible. Additional amenities include resident services, a community room with kitchen, off street parking and a laundry facility.

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.