ANACOSTIA GARDENS 3600 Ely Place SE Washington, DC 20019 100 units The Anacostia Gardens Tenant Association, Inc. (AGTA) IN Washington, DC exercised its rights under the District’s Tenant Opportunity to Purchase Act (TOPA) and selected NHPF as the developer on the rehabilitation of the building which includes 37 one- bedroom, 49 two-bedroom and 14 three-bedroom units. It is NHPF’s fifth TOPA deal in the District. The planned rehabilitation includes energy improvements, interior unit repair and upgrades,
BAYVIEW TOWERS 300 Tresser Boulevard Stamford, CT 06901 200 units
IRVINE TURNER & CENTER CITY APARTMENTS 400 Irvine Turner Boulevard &
76–80 Court Street Newark, NJ 07108 142 units
Built in 1973, Bayview Towers was in need of substantial, occupied renovation. The nancing included tax-exempt bond permanent debt, seller nancing, Federal LIHTC equity, existing property reserves and Connecticut Housing Contribution Credit contributed by Connecticut Light and Power. The major work done in the full on-site relocation included kitchen and bathroom upgrades, energy ef cient appliances, new flooring, replacing domestic and sanitary plumbing lines, new windows, new electrical panels, new AC units, new roofs, converting a portion of the units to be handicap accessible, exterior concrete repairs and re- enforcements, energy ef cient lighting, and a new look for the exterior of the buildings.
The Belmont portfolio consists of Irvine Turner and Center City Apartments, six buildings in Newark, NJ, totaling 142 family units, 100% of which are Section 8. NHPF acquired the portfolio via financing including an FHA 223f loan (placed by Orix/Red) and equity from NHPF (81%) and Ed Poteat (19%). The buildings were originally built in the early 1900s, significantly renovated in the early 1980s, and include three underutilized parking lots. These assets are currently in significant disrepair. The planned renovation here will require a short-term off-site relocation for all residents. NHPF credits partnership with HUD New York and Newark staff in our effort to take over these properties. The complex financing deal for the Belmont Portfolio also includes significant LIHTC financing as well as tax exempt bonds and a 241a FHA Supplemental loan completed in coordination with New Jersey Housing and Mortgage Finance Agency’s (NJHMFA).
dramatically improving the common areas, and adding
measures to make the building handicap accessible. Additional work includes repairs to exterior sidewalks, windows, light fixtures, security systems, roofing and more. Renovation work will be completed in four phases, with each phase involving the full relocation during construction to other units in the building. Completion is currently anticipated in June 2021. The renovation will also include kitchen and bathroom upgrades, new smoke and carbon monoxide detectors, and HVAC systems and thermostats. In addition to the apartments, there is a playground, on-site parking, a community room and central laundry facility.
Maximizing Rehabilitation; Minimizing Resident Disruption • 17
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