KeyBank Secures $55M for NJ Affordable MF Property 

KeyBank has secured $54.9 million in financing for Hudson Valley Property Group to refinance Grandview Terrace Apartments, a 283-unit affordable multifamily property at 222 St Pauls Ave in Jersey City, NJ.  

Located in the Journal Square neighborhood, the property targets families with incomes between 60% and 90% of the area median income, the property also received a HUD Section 223(f) program loan structured with a 35-year fully amortizing term. The Jersey City Housing Authority’s subsidy supports 94% of the units through project-based vouchers. Formerly a HUD Section 202 development, Grandview Terrace benefits from flexible subsidy loans under Section 201, with Hudson Valley Property Group extending the affordability term to prevent tenant displacement.

The financing facilitated renovations, enhancing unit and common area amenities. Leslie Meyers of KeyBank’s Affordable Housing Team led the financing, paying off the acquisition/construction loan previously financed by Eric Steinberg of KeyBank CDLI. 

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