A joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital has spent $180 million on a 1,009-unit affordable housing portfolio. The senior and family affordable assets are in the New Jersey cities of Paterson, Orange, East Orange, Metuchen, Old Bridge, Hazlet and East Windsor. The seven properties are subsidized by long-term, project-based Section 8 contracts and encumbered by various regulatory restrictions. The sale of the portfolio will ensure long-term affordability for over 2,500 residents and preservation of the assets through sustainable upgrades and planned renovation over the next several years. Financing was provided by Walker and Dunlop and Fannie Mae. Kline Enterprises was the seller of the portfolio which is managed by First National Properties.
