PATERSON, EAST ORANGE, METUCHEN, OLD BRIDGE, HAZLET, and EAST WINDSOR—Kline Enterprises has sold a 1,009-unit affordable housing portfolio, managed by First National Properties, to a joint venture between Hudson Valley Property Group, Red Stone Companies and Wheelock Street Capital for $180 million.
The transaction was brokered by SVN Affordable/Levental Realty, which focuses on project-based Section 8 and Section 42 housing. Kline is a second-generation, family-owned organization that assembled the portfolio of senior and family affordable assets located in Paterson, Orange, East Orange, Metuchen, Old Bridge, Hazlet and East Windsor.
“SVN Affordable was selected as the exclusive listing broker for the seller given our national platform and understanding of the regulatory and complex financial environment surrounding this asset class,” says Gene Levental, managing director, SVN Affordable. “Senior advisor Jamie Renzenbrink led the transaction on behalf of the firm. After creating a competitive pool of 168 qualified affordable developers, we vetted out buyers' underwriting assumptions and debt/equity models to assure we had a clear and closable path to closing.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.