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Share In its first acquisition in New Jersey, Standard Communities, the affordable housing division of Standard Companies, has acquired Baltic Plaza Apartments, a 169-unit affordable senior community in Atlantic City. The total capitalization of this transaction is approximately $38 million. Built in 1982 and located at 1313 Baltic Avenue in Atlantic City, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC Bank, with additional financing provided by Citibank. ....
Press release content from PR Newswire. The AP news staff was not involved in its creation. Affordable Housing Preservation Project in Washington, D.C. Receives $22 Million in Financing via Walker & Dunlop February 16, 2021 GMT Walker & Dunlop Logo BETHESDA, Md., Feb. 16, 2021 /PRNewswire/ Walker & Dunlop, Inc. announced today that it structured $21,900,000 in financing for the acquisition and substantial renovation of an existing 42-unit affordable housing property with an additional four new construction units. The property, Ritch Homes Apartments, is located in Washington, D.C., one of the most high-cost markets in the country. All of the property’s units were previously subject to a Section 8 HAP contract that was at risk of expiring and threatened this project’s affordability. Together, with the United States Department of Housing and Urban Development (HUD), the D.C. Housing Finance Agency (DHCFA), and Walker & Dunlop, the sponsor, Standard Communities, ....