A $71 million acquisition, preservation and renovation project at Grandview Terrace Apartments in Jersey City is now complete, according to a Tuesday announcement from Hudson Valley Property Group.
Upgrades to the 283-unit senior housing complex located in the Journal Square neighborhood encompass a variety of holistic improvements, including building modernization, energy efficiency upgrades, unit renovations and the addition of an enhanced, high-definition monitoring system that provides sitewide security coverage and ensures adherence to HVPG’s community standards.
“We’re elated to unveil the revitalized Grandview Terrace, a collaborative effort with the Jersey City Housing Authority and (Housing and Urban Development) that will ensure long-term affordability for local seniors that were previously at risk of losing access to this affordable housing and possibly being displaced,” Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group, said. “From the comprehensive modernization to the installation of advanced security measures, every aspect of this project reflects our commitment to creating secure, inviting places for our residents to call home.”
The renovations within the 283-unit complex totaled $15.2 million (approximately $53,500 per unit) and include new kitchen cabinetry and countertops; new high-efficiency, stainless steel appliances; high-output lighting and water-conserving fixtures; and the creation of fully compliant Americans with Disabilities Act and heating/ventilation units. Interior upgrades also included new flooring with subfloor repairs; wall patching and painting; and a new sky lounge for residents with a stretching room, community room, library and computer center with views of New York City.
The initial acquisition and substantial rehabilitation of the Grandview Terrace Apartments was financed with equity from HVPG’s second affordable housing fund (HVPF II) and a construction loan from KeyBank. Upon completion of the 16-month construction and preservation project in February, the loan was refinanced under the HUD Section 223(f) program with KeyBank.
To ensure the long-term affordability of the property, HVPG secured a new, 20-year HUD Regulatory Agreement. Additionally, HVPG was able to unlock new rental subsidy for tenants as a result of the previously existing expired HUD 202 restrictions through both project-based and tenant-based Section 8 vouchers.
The Jersey City Housing Authority played a critical role in this project and serves as the new contract administrator for all of the HUD Section 8 voucher units. HVPG and JCHA worked in partnership to secure new Section 8 subsidy for 267 low-income households that did not previously receive any rental assistance. This will ensure that income-qualified tenants are protected and will pay no more than 30% of their income in rent. No residents were displaced because of this transaction.
“The JCHA appreciates the opportunity to partner with Hudson Valley Property Group, HUD, the city and the county to preserve and provide quality, safe affordable housing to the senior citizens of Jersey City and Hudson County at Grandview Terrace,” Patricia Ramirez, director of the Housing Choice Voucher Program of the Jersey City Housing Authority, said.
