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Parkview Towers is a 688-unit property consisting of two 24-story buildings. All of the units are covered by a Project-based Section 8 Contract. As part of the loan refinancing, the owner agreed to enter into a new 20-year Mark-up-to-Market Section 8 Contract, with a "Preservation Tail", that will ensure the affordability of Parkview Towers through 2059. In addition, the refinancing allowed the owner to undertake $8.4 million in property-wide renovations, including significant kitchen and bathroom upgrades as well as increasing the number of accessible units. The propery is owned by LIHC Investment Group, one of the most respected real estate investment groups in the industry.
Parkview Towers
West New York, NJ
$140M FHA Section 223(f) Refinance
Constructed in 1966, Israel Senior Citizens Housing I and II is a combined 512-unit HUD subsidized property. The property benefits from a Project-based Section 8 Contract covering 481 units. An additional 30 units are rent restricted by a HUD Section 202 Use Agreement. Loan proceeds were used to fund extensive capital improvements, including unit upgrades of a significant number of kitchens and baths, the replacement of doors, windows, thru-wall AC units and flooring, and interior unit painting. Additional property improvements included modernization of four elevators, installation of smart building intercom and security systems, a new fire alarm system, a boiler plant system and renovation of common areas. Israel Senior Citizen Housing is owned by JASA Corporation and managed by it's affiliate, JASA Housing Management Services for the Aged.