Rockland Gardens

$14.5 million HUD Section 221(d)(4) Substantial Rehabilitation for Rockland Gardens, Nyack, NY.

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Rockland Gardens is a 70-unit property consisting of eight, two- and three-story garden-style buildings originally constructed in 1949. Rockland Gardens had a 20-year Section 8 Contract covering 68 of the 70 units.

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The loan will allow the owner to modernize the interior of all units, install energy star appliances and low flow fixtures, install energy efficient lighting throughout, repair and paint exteriors, install high efficiency gas fired boiler water/steam heaters, install new CCTV security systems and upgrade site drainage.

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As part of the loan transaction, the owner and HUD agreed to terminate the prior existing Section 8 Contract and enter into a new 20-year HAP Contract under the Option One B, Mark-up-to-Market Chapter 15 Capital Repair Program. The new Contract will also include a so-called “Preservation Tail” of 8 years, the time remaining on the prior terminated Section 8 Contract. As a result, Rockland Gardens’ affordability is preserved for 28 years, or through 2051.

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Rockland Gardens is owned by an affiliate of the Vitus Group and managed by ARCO Management of New York.