Hudson Valley Property Group (HVPG) recently announced the acquisition of a 250-unit mixed-income housing property in East Providence, Rhode Island. The $53.7 million closing of Kent Farm Apartments marks HVPG’s first acquisition in Rhode Island as HVPG looks to expand their preservation footprint throughout New England. HVPG will focus on upgrading and renovating the property while keeping rent affordable for residents.
“The lack and loss of quality, affordable housing stock is a nationwide challenge. We are excited to bring our preservation experience and apply our expertise to our first property in the New England region,” said Jason Bordainick, Managing Partner and Co-founder of Hudson Valley Property Group.
Located at 25 Gemini Drive in East Providence, the majority of the 250 units are affordable under a HUD project-based Section 8 contract and will remain affordable for the long term.
The $5.8 million planned renovation includes new asphalt roof installations, upgrades and beautification of the community spaces such as new flooring, refreshed laundry room, fitness center upgrades including new equipment, a new telehealth center, security enhancements, and a new community kitchen and business center with new computers and printer. In-unit upgrades include installations of energy-efficient lighting and water-saving bathroom fixtures.
The acquisition was financed with equity from Hudson Valley Preservation Fund II (HVPF II) and a bridge loan provided by PGIM Real Estate. The next phase of HVPG’s preservation plan will be to secure subsequent debt financing through an FHA 223f loan that will fund the extensive renovations of the property.
The property was purchased from Taymil Partners with the support of CBRE as broker.
To date, HVPG has preserved almost 9,500 units of affordable housing nationwide.
