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Rose, NHPF and Nuveen Partner on Section 8 Deal in Bay Ridge
Jonathan Rose Companies, The NHP Foundation and Nuveen have acquired Shore Hill Housing, a two-building, 558-unit HUD project-based Section 8 Housing complex in Brooklyn’s Bay Ridge section from NYU Langone for approximately $150 million. It’s the first partnership between Rose and NHPF, a national not-for-profit leader in providing quality affordable housing.
The acquisition was financed by a $102-million Freddie Mac loan arranged through Prudential. The Rose Affordable Housing Preservation Fund IV, along with joint venture nonprofit partner NHPF and co-investor Nuveen, will invest $52 million of equity in the property.
“Shore Hill is a near-perfect match for our fund and our firm’s capabilities,” said Nathan D. Taft, partner and managing director of acquisitions at Rose. The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint, and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
