Jonathan Rose Cos. has purchased a 558-unit affordable housing property for seniors from NYU Langone, a hospital system affiliated with New York University.
A leading developer of sustainable, affordable, and mixed-income multifamily communities, Jonathan Rose Cos. teamed with The NHP Foundation, a nonprofit affordable housing organization, and Nuveen, the investment manager of TIAA, on the deal.
PGIM Real Estate Finance announced it has provided a $102 million Freddie Mac acquisition loan for the purchase of Shore Hill Housing in the Bay Ridge neighborhood of Brooklyn.
The 10-year, fixed-rate loan will allow the group to acquire the property, complete repairs related to green efficiency upgrades, and cover transaction costs. The property consists of two 14-story buildings with 558 units that are age-restricted to individuals 62 and older and are covered by a project-based Sec. 8 contract.
The property also contains a single-story community building and is located near public transit, grocery stores, banks, recreational centers, parks, and health-care facilities. Originally built in 1978, the property underwent extensive rehabilitation in 2008 with low-income housing tax credits.
“This financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise,” said Alex Viorst, principal at PGIM Real Estate Finance, the commercial mortgage finance business of PGIM, the $1 trillion global investment management business of Prudential Financial.
Shore Hill’s in-unit amenities include vinyl floors in the kitchens and bathrooms, carpet in the common areas and bedrooms, refrigerators and ranges, central air conditioning, and grab bars in the bathrooms.
Common area amenities include a management office, a large meeting room, laundry rooms, limited access, and security patrol. Additional amenities include a picnic area and several tenant lounges spread throughout the property, including one with views of the nearby Verrazano Bridge and Hudson River.
