Project Description

Metuchen Senior Citizens

35 Lincoln Avenue, Metuchen, NJ

Located in Metuchen, New Jersey, the 122-unit senior property was built in 1979. The property was acquired in February 2017 by Hudson Valley Property Group as part of a 1,000+ unit portfolio transaction. The building is a four-story mid-rise building with a brick façade. The building is serviced by two hydraulic elevators. On-site amenities include a recreation room, an outside patio, a media room, off-street parking, and laundry on each floor.

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.