NEWARK, NJ—Newark Mayor Ras J. Baraka's commitment to expansion of affordable housing in the state's largest city is bearing fruit, with Radiant Property Management's acquisition of 209 units from the Virginia-based Realty Management Associates. The properties acquired are commonly referred to as Pueblo City, Center City 3 and Johnson Apartments.
Radiant Property Management focuses on the rehabilitation and management of multi-family residential properties. Radiant was founded with the primary goal of providing safe and secure housing for all its residents and has continued their mission into Newark.
Baraka worked closely with Radiant to ensure high-quality affordable housing is available to Newark's most vulnerable residents. Last June, the mayor introduced an inclusionary zoning ordinance that requires developers to set aside 20 percent of their residential units for affordable housing.
“For too long, these properties have sat uninhabitable blighting the neighborhood,” says Baraka. “I applaud Radiant in their efforts to provide our families with the decent living conditions they deserve. Newark residents should never be exposed to the unspeakable conditions once endured in these properties.”
“The South Ward is fortunate to have found a partner in Radiant who is undertaking the renovation of these long neglected properties,” says South Ward Councilman John Sharpe James. “It is crucial that we strive to improve the quality of life for all Newark families.”
Radiant will spend $15 million to renovate the 209 units of affordable housing in five phases, over eighteen months.
KeyBank provided a $22.9 million loan to acquire and rehabilitate a portfolio of 13 buildings. The financing included $10.8 million for unit interior upgrades including new windows, roofs, building systems, lighting, boilers/heaters, and ground-up construction for a new 20-unit building.
“It is important to demonstrate our commitment to providing quality housing for all Newark families,” says John Gilmore, vice president of KeyBank Real Estate Capital. “This partnership with Radiant is a promise to continue making a positive impact in the community.”
“The citizens of Newark deserve affordable housing they can be proud of,” says Terry Floyd, director of tenant relations at Radiant. “We have a responsibility to empower Newark residents to grow and thrive in their own neighborhoods.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
