Riverview Towers

$35 million HUD Section 221(d)(4) acquisition and substantial rehabilitation at Riverview Towers, Camden, NJ

Riverview Towers is a 15-story high-rise building containing 224 age-restricted units and 1 non-revenue producing employee unit. The The 221(d)(4) loan will allow the new owners to acquire and modernize the property. Unit renovations include upgrades to all the units' kitchens and bathrooms. Common area improvements include upgrades to the lobby, community room, common area bathrooms and office. Exterior improvements include roof replacement, asphalt and a new entrance canopy.

Riverview Towers benefits from a Section 8 Contract covering 224 units. As part of this transaction, the new owners and HUD agreed to terminate the prior Section 8 Contract and execute a new Section 8 Contract pursuant to Option One B, Mark-up-to-Market under HUD's Chapter 15 Capital Repair Program. The new Contract includes the "Preservation Exhibit" which will extend affordability at the property for approximately 21 years.