New York, NY. Nixon Peabody LLP advised Silver Street Development Corporation (Silver Street) in preserving and expanding the long-term affordability of Silver Vistas, a senior housing apartment complex in Neptune, New Jersey.
When Silver Street purchased Silver Vistas in 2016, only 102 of the project’s 171 units received rental assistance under two contracts: a Rental Assistance Program (RAP) contract through the Department of Housing and Urban Development (HUD), and a project-based voucher contract with the NJ Department of Community Affairs (DCA).
In partnership with Silver Street, Nixon Peabody coordinated approvals from HUD and DCA to convert and expand the expiring HUD RAP subsidy for Silver Vistas’ 81 units into a project-based rental assistance contract through the Rental Assistance Demonstration (RAD) program, expanding the number of apartments receiving rental assistance. Nixon Peabody additionally facilitated the continuation of Interest Reduction Payments to address the project’s debt service through 2030.
The preservation of Silver Vistas’ long-term affordability also included approximately $9M in renovations, which were financed with conduit bonds issued by the New Jersey Housing and Mortgage Finance Agency, permanent financing from Prudential and Freddie Mac, and low-income housing and energy tax credits syndicated by Boston Financial.
Nixon Peabody’s deal team was led by Affordable Housing practice group leader Steve Wallace and included partner Meghan Altidor, counsel Anthony Ruvolo and associate Nate Cushman.