News Logo

Housing News

Hudson Valley Property Group To Complete Grandview Terrace Apartments Revitalization

Hudson Valley Property Group is revitalizing Grandview Terrace apartments, a senior complex, and making upgrades in it.

March 19, 2024

Jersey City, N.J.- Hudson Valley Property Group announced today that it has completed a $71 Million acquisition, preservation, and renovation project at Grandview Terrace Apartments, a 283-unit senior housing complex situated in New Jersey.

The upgrades to Grandview Terrace include a variety of holistic improvements such as energy efficiency upgrades, building modernization, unit renovations, and the addition of an enhanced, high-definition monitoring system providing security coverage and making sure everyone adheres to HVPG’s community standards.

Co-founder and managing partner of Hudson Valley Property Group Jason Bordainick said, “ We’re elated to unveil the revitalized Grandview Terrace, a collaborative effort with the Jersey City Housing Authority (JCHA) and HUD 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. 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 made within the 283-unit complex equals $15.2 Million and include new kitchen cabinetry, countertops, stainless steel appliances, high efficiency, high output lighting, water conserving fixtures, and the creation of fully compliant ADA and H/V units. Besides this, the renovation also included some interior upgrades such as wall patching, painting, new flooring with subfloor repairs, and a new sky lounge for residents with a stretching room, library and computer center, and community room.

The financing for the acquisition and rehabilitation of the Grandview Terrace Apartments came from the equity from HVPG’s second affordable housing fund (HVPF II) and a construction loan from KeyBank. The loan was refinanced under the HUD section 223(F) program with Keybank upon completion of the 16-month construction and preservation project in February 2024.

Hudson Valley Property Group secured a new 20-year HUD regulatory agreement to ensure the long-term affordability of the property. Furthermore, Hudson Valley Property Group succeeded in securing new rental subsidies for tenants by navigating through the expired HUD 202 restrictions, utilizing both project-based and tenant-based Section 8 vouchers. A critical role in this project was played by the Jersey City Housing Authority. Not only this, the Jersey City Housing Authority also serves as the new contract administrator for all of the HUD Section 8 voucher units. Both Hudson Valley Property Group and Jersey City Housing Authority worked together to secure a new Section 8 subsidy for around 267 low-income households that did not receive rental assistance of any kind before. Doing so will ensure that the tenants who are qualified based on their income are protected and will no longer be required to pay more than 30% of their income as rent. It was also ensured that no residents were displaced because of this transaction.

Director of the Housing Choice Voucher Program of the Jersey City Housing Authority Patricia Ramirez said, “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”.

The Hudson Valley Property Group also acquired 1140 affordable housing portfolios across Maryland and North Carolina along with the Northgate One Apartments in New Jersey. HVPG plans to further extend its portfolio and offer high-quality affordable housing options across the United States as the demand for affordable housing is going to increase in the coming years. At present, HVPG owns 10,650 affordable housing units across 45 properties.

Article Sources

Arrow Down Sign

The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

PR Newswire. “Hudson Valley Property Group Completes $71M Revitalization of Grandview Terrace Apartments in Jersey City, N.J.”. PR Newswire, March 19, 2024,
Hudson Valley Property Group Completes $71M Revitalization of Grandview Terrace Apartments in Jersey City, N.J. (prnewswire.com)

Last Updated: September 20, 2021