Jonathan Rose Companies, the NHP Foundation and TIAA investment manager Nuveen acquired a 558-unit affordable housing complex in Brooklyn’s Bay Ridge neighborhood. The trio paid $150m for Shore Hill Housing. Built in 1977 on 2.69 acres, the property consists of two interconnected 14-story buildings featuring 325 studios and 233 one-bedroom apartments. The deal was completed with a $102m mortgage from Freddie Mac. The new owners intend to invest $52m of equity into the property, making the buildings more environmentally friendly and improve resident services.
“Shore Hill is a near perfect match for our Fund and our firm’s capabilities,” said Nathan Taft, partner and managing director of acquisitions at Jonathan Rose Companies. “We are making a long-term investment to preserve an important affordable housing property for seniors with a conventional debt and private equity execution.”
