
Ariel Property Advisors Arranges JV to Buy Charlotte Affordable Housing
Ariel Property Advisors’ Capital Services Group has arranged a joint venture for the acquisition of a 65,000-square-foot, 60-unit affordable housing complex in Charlotte, NC.
Ariel’s Senior Directors Matt Swerdlow and Matthew Dzbanek secured $2.5 million from the limited partner, a New York City-based, mission-driven nonprofit that is committed to promoting and preserving high quality affordable housing nationwide. Fannie Mae through Greystone provided the $5.95 million senior loan on behalf of the sponsors, J&S Realty LLC and Sandee Road Ventures. The purchase price for the property was $8.4 million.
“I’m thrilled to be a part of an affordable housing transaction that is a win-win for both the sponsors and tenants,” Swerdlow said. “The sponsors are implementing an 80% area median income (AMI) rent restriction and plan to introduce a variety of social mobility initiatives that will benefit the tenants and overall community.”
- ◦Sale/Acquisition