Multifamily Capital Resources, Inc.
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Successful Transactions

 

 

 

New Jersey

 

Subject Property: Bentley Woods
Description: 80 units, HUD Section 236, Full Project-Based Section 8 Rental Assistance
Location: Glassboro, NJ
   
MCR Participation: Preservation, Financing, and Enhanced Voucher Consultant to Owner

This partially-assisted family oriented rental community faced the expiration of existing use restrictions and the need to refinance in order to fund long-deferred capital improvements.  The project turned to a refinancing with the New Jersey Housing Finance Agency who also awarded an allocation of 4% Low Income Housing Tax Credits to fund the buyer's substantial rehabilitation plan.  MCR coordinated full Wellstone Amendment prepayment notifications with all levels of government on behalf of the buyer, processed the owner's Budget-to-Market Section 236 IRP form of HUD rent increase request, and sponsored two on-site tenant information meetings during the development process.


Subject Property: Browns Woods Apartments
Description: 149 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance
Location: Browns Mills, NJ
   
MCR Participation: Preservation, Financing, and Enhanced Voucher Consultant to Owner

This partially-assisted family oriented rental community required long term capital improvements to remain a vital part of the local affordable housing stock.  The buyer responded by purchasing the property for extended affordability and refinancing with the State of New Jersey Housing Finance Agency.  As part of this strategy, MCR was called upon to provide turnkey consulting services for the compilation of a full Tenant Income Profile, Section 8 Enhanced Voucher, and budget-based Section 236 IRP format rent increase requests.  In addition, MCR coordinated full Wellstone Amendment prepayment notifications with all levels of government on behalf of the buyer.


Subject Property: Penns Grove Gardens
Description: 144 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance
Location: Penns Grove, NJ
   
MCR Participation: Preservation, Financing, and Enhanced Voucher Consultant to Owner

This partially-assisted family oriented rental community required long term capital improvements to remain a vital part of the local affordable housing stock.  The buyer responded by purchasing the property for extended affordability and refinancing it with the New Jersey Housing Finance Agency.  As part of this strategy, MCR was called upon to provide turnkey consulting services for the compilation of a full Tenant Profile report of household sizes and incomes, Section 8 Enhanced Voucher, and budget-based Section 236 IRP format rent increase requests.  In addition, MCR coordinated full Wellstone Amendment prepayment notifications with all levels of government on behalf of the buyer.


Subject Property: Somers Point Village I
Description: 117 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance
Location: Somers Point, NJ
   
MCR Participation: Preservation, Financing, and Enhanced Voucher Consultant to Owner

This Section 236 project was rehabilitated for extended affordability using the proceeds of new financing from the New Jersey Housing Finance Agency, who also awarded an allocation of 4% Low Income Housing Tax Credits (LIHTCs) as part of the buyer's overall redevelopment strategy.  MCR assisted the buyer by providing a tenant impact survey, as well as both Section 8 Enhanced Voucher and budget-based Section 236 IRP format rent increase requests for submission to HUD.  In addition, MCR coordinated full Wellstone Amendment prepayment notifications to all levels of government on behalf of the buyer, and coordinated and led two on-site tenant information sessions.