Hudson Valley Property Group acquires 250-unit property to preserve affordable housing in Rhode Island
Hudson Valley Property Group (HVPG) recently announced the acquisition of a 250-unit mixed-income apartment building in East Providence, Rhode Island. The $53.7 million closing of Kent Farm Apartments marks HVPG’s first acquisition in Rhode Island as HVPG seeks to expand its preservation footprint throughout New England. HVPG will focus on upgrading and renovating the property while maintaining affordable rent for residents.
“The lack and loss of affordable, quality housing is a national challenge. We are excited to bring our preservation experience and apply our expertise to our first property in the New England area,” said Jason Bordainick, Managing Partner and Co-Founder of Hudson Valley Property Group.
Located at 25 Gemini Drive in East Providence, the majority of the 250 units are affordable under a Section 8 contract based on a HUD project and will remain affordable for the long term.
Planned $5.8 million renovation includes new asphalt roofing installations, upgrades and beautification of community areas such as new flooring, refreshed laundry room, fitness center upgrades physical, including new equipment, a new telehealth center, security upgrades, and a new community kitchen and business center. with new computers and a printer. Unit upgrades include the installation of energy-efficient lighting and water-efficient plumbing fixtures.
The acquisition was financed with equity from the Hudson Valley Preservation Fund II (HVPF II) and a bridge loan provided by PGIM Real Estate. The next phase of HVPG’s preservation plan will be to secure subsequent debt financing through an FHA 223f loan that will fund extensive renovations to the property.
The property was purchased from Taymil Partners with the support of CBRE as broker.
To date, HVPG has maintained nearly 9,500 affordable housing units nationwide.
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