Project Description

Orange Park Apartments

300 Oakwood Avenue, Orange, NJ

Located in Orange, New Jersey, the 144-unit senior property was built in 1981. The property was acquired in February 2017 by Hudson Valley Property Group as part of a 1,000+ unit portfolio transaction. The building is twelve stories with a brick façade. On-site amenities
include a community room with a kitchen, a billiard room, an outside patio with benches, barbeque grills with a Gazebo, off-street parking and a central 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.