Hudson Valley Property Group Celebrates $85M Revitalization of Camden, New Jersey Apartment Complex￼￼
CAMDEN, N.J., Oct. 12, 2022 /PRNewswire/ — Hudson Valley Property Group (HVPG), a leading, national affordable housing preservation company, announced that it has finalized an $85 million preservation and renovation project at the Community Meadows apartments (formerly known as Crestbury Apartments), a 391-unit, 21.5 acre complex located in Camden’s Morgan Village.
HVPG was joined earlier today by City of Camden Mayor Vic Carstarphen, U.S. Housing and Urban Development (HUD) and New Jersey Housing and Mortgage Finance Agency (NJHMFA) officials to celebrate the completion of renovations to the Community Meadows complex.
The upgrades to Community Meadows encompass a variety of wholistic improvements including complete apartment revitalization, rebuilt site infrastructure and upgrades, and the addition of an enhanced, high-definition monitoring system providing site wide security coverage and ensuring adherence to HVPG’s community standards.
“We are thrilled to celebrate the transformation of Community Meadows in partnership with the City of Camden, HUD and NJHMFA and provide renovated apartments and upgraded complex amenities with continued affordability for residents of Camden,” said Jason Bordainick, co-founder and managing partner of Hudson Valley Property Group. “When HVPG came into ownership we made a commitment to turn the community around and make it a safe place to live and raise a family. We are very proud to show what our investment and capable team can do.”
“This is an exciting announcement for the City of Camden and for the residents at the Community Meadows Apartments,” said Camden Mayor Victor Carstarphen. “This is a $85 million investment in new infrastructure, substantial upgrades to the interior of each units, enhancements to the exteriors spaces, new playgrounds and common areas, high quality security, among other improvements. These renovations allow for the preservation of quality affordable housing within Camden. I commend Hudson Valley Property Group for being responsible, accountable and community conscious property owners.”
“NJHMFA is proud to support and finance the revitalization of Community Meadows, a community that will provide nearly 400 Camden families a long-term, affordable place to call home,” said NJHMFA Chief Financial Officer John Murray. “The improvements, made in partnership by NJHMFA, HUD, the City of Camden, PNC Bank and Hudson Valley Property Group, represent a significant investment that will provide Camden residents a thriving, healthy community for years to come.”
The acquisition and substantial rehabilitation of the Community Meadows Apartments was financed with tax exempt conduit bonds through the NJHMFA, 4% Low Income Housing Credits purchased by PNC, debt financing provided by R4 and bridge equity from PNC. The City of Camden also supported the project with a long-term PILOT Agreement that was implemental to the project’s success.
All apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Assistance Payment (HAP) contract. To ensure the long-term affordability of the property, HVPG secured a long-term HUD HAP contract and no residents were displaced as a result of this transaction. The property is subject to LIHTC income restrictions through a thirty-year compliance period, and tenants must qualify at 60% of Area Median Income (AMI) to reside at the property.
The renovations within the 391-unit complex totaled ~$25 million ($64,000 per unit unit) and included dark wood kitchen cabinetry and new countertops, new high-efficiency, stainless steel appliances, high output lighting and water conserving fixtures and the creation of fully compliant ADA and H/V units. Interior Upgrades also included new flooring with subfloor repairs and wall patching and painting. Site Upgrades were substantial and included storm and sanitary line replacement, sidewalk repairs, installation of new trash enclosures, and fresh asphalt across common parking areas, as well as a new playground and the addition of a new play area with playground for resident families, all with the goal of modernizing the property for sustainable long-term operations and improving residents’ quality of life. As part of the turnaround plan for the site, HVPG brought in a new property management partner, Community Realty Management, based in Pleasantville, NJ.
The project follows Hudson Valley Property Group’s recent completion of a $57 million renovation project at Corinthian Towers, a 221-unit housing complex in the 4th Ward of East Orange, New Jersey. As the need for affordable housing continues to grow, HVPG plans to continue expanding its portfolio and provide even more quality affordable housing across the U.S. HVPG currently owns over 4,500 units of affordable housing across 27 properties throughout the state of New Jersey.
Hudson Valley Property Group also recently closed its second fund, raising $292 million in capital commitments from a broad range of institutional investors. HVPG anticipates preserving more than 10,000 homes with the latest investment fund and continuing to expand its portfolio to provide quality affordable housing across the U.S.