Water Street Apartments

Water Street Apartments is a 35-unit age-restricted property originally developed in 1982 under HUD's Section 202 program. All of the units are covered by a Project-Based Section 8 Contract.

Modern improvements to the property have taken place over the years, including recent upgrades to unit kitchens, flooring and new wall inserts with air conditioning between 2014 and 2018. The roof was replaced in 2016 and over the past two years the property received new common area security cameras, a new patio and the repainting of hallways.

Proceeds of this transaction will allow the owner to replace all of the property's in-unit electrical panels and the main distribution electrical panels, replace both boilers and convert the heating system to gas, among other repairs.

In connection with this refinancing, the owner and HUD will enter into a new 20-year Project-Based Section 8 Contract, under Option One B, as part of HUD's Mark-up-to-Market Program.