Project Description

 

Triangle Village

85 Paterson Street, Paterson, NJ

Located in Paterson, New Jersey, the 159-unit senior and family 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. Triangle Village is Hudson Valley Property Group’s second affordable housing property in Paterson. HVPG acquired Colt Arms Apartments in January 2016, and the tax credit renovation was completed in December 2016. Triangle Village consists of one six-story mid-rise, elevator serviced building and six two-story townhouse buildings, all with brick facades. On-site amenities include a business center, off-street parking and a central laundry facility with five washers and four commercial 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.