In its first acquisition in New Jersey, the affordable-housing arm of Standard Cos. has purchased and will renovate Baltic Plaza Apartments, a 169-unit senior housing development in Atlantic City, in a $38 million deal.
Standard Communities, part of New York City-based Standard Cos., bought 1313 Baltic Ave. in partnership with the U.S. Department of Housing and Urban Development and the New Jersey Housing and Mortgage Finance Agency. The transaction was financed with low-income housing tax credits arranged with PNC Bank, with additional financing provided by Citibank.
The cost of the acquisition and planned capital improvements includes $10 million to update apartment units, upgrade common area and amenity spaces, and modernize building systems, according to a statement from Standard on Thursday.
“This public-private partnership will extend the affordability of all 169 units for the next 30 years and facilitate a transformative renovation that will dramatically enhance the resident experience,” Melanie Walter, NJHMFA executive director, said in a statement.
Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment contract.
Energy-saving improvements are expected to reduce energy consumption by 27% and water usage by 22%, collectively saving Baltic Plaza residents over $31,000 a year in utility bills, according to Standard.
In addition, Standard will have a resident-service coordinator at Baltic Plaza to design and implement a suite of resident services and community programs.
“Our approach to working collaboratively with federal, state, and local agencies allows us to produce high-quality affordable housing opportunities and provide access to services that allow our residents to thrive with minimal reliance on scarce public resources,” Steven Kahn, who is responsible for Standard Communities’ acquisitions in New Jersey and Pennsylvania, said in a statement. “Upon completion of the renovation next year, Baltic Plaza will be emblematic of that dedication and creativity.”
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