New York, NY. Nixon Peabody LLP represented Hudson Valley Property Group LLC (HVPG), a New York City–based affordable housing developer, in a joint venture with Red Stone Companies, LLC, and Wheelock Street Capital to acquire a large portfolio of seven Section 8 properties throughout northern New Jersey.
The portfolio’s properties, which include more than 1,000 senior and affordable housing units, are located in the New Jersey towns of Hazlet, East Orange, Metuchen, Old Bridge, Orange, Windsor and Paterson. Altogether, this portfolio houses approximately 2,500 residents.
Valued at more than $180 million, the acquisition was financed with a credit facility from Fannie Mae arranged by Walker & Dunlop, as well as equity from the joint venture partners. The financing structure also included subsidies through the U.S. Department of Housing and Urban Development (HUD) project-based Section 8 contracts.
Nixon Peabody worked closely with HVPG, Red Stone and Wheelock on all aspects of the transaction, including structuring the equity investment, securing HUD approvals and the closing of the credit facility.
Nixon Peabody’s deal team was led by affordable housing partner Aaron Yowell and included real estate partner Chris Froeb. The team also included strategic policy advisor Deborah VanAmerongen, associate Susanna Mitchell and specialist Amy Plowman from the firm’s affordable housing practice.
For further information on Hudson Valley Property Group, click here.