Jonathan Rose Companies secured a $102 million loan from PGIM Real Estate Finance for Shore Hill Housing, an affordable and elderly housing property in the Bay Ridge neighborhood of Brooklyn.
The 10-year, fixed-rate loan will be used by the borrower to acquire the property, complete repairs related to green efficiency upgrades and cover transaction costs.
The property consists of two 14-story buildings with 558 total units that are age-restricted to individuals 62 and over and are covered by a project-based Section 8 contract.
The property also contains a single-story community building and is well located relative to public transit, grocery stores, banks, recreational centers, parks and healthcare facilities. Originally built in 1978, the property underwent extensive rehabilitation in 2008 with low-income housing tax credits.
“This financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise,” said Alex Viorst, principal at PGIM Real Estate Finance. “We are proud to partner with the Jonathan Rose Companies on this significant investment in affordable seniors housing in New York City.”
Shore Hill’s in-unit amenities include vinyl floors in the kitchen and bathrooms, carpet in the common areas and bedrooms, refrigerator and range, central air conditioning, and grab bars in the bathrooms. Common area amenities include a management office, a large meeting room, laundry rooms, limited access and security patrol. Additional amenities include a picnic area and several tenant lounges spread throughout the property, including one with views of the nearby Verrazano Bridge and Hudson River.