According to Roger J. Gendron, president of Wilmington, NC-based Silver Street Development, his company spent a total of "more than $20 million" to buy the New Brunswick Apartments from its local ownership and to rehab the complex. The company's total investment in the project is in the neighborhood of $100,000 per unit.

"This acquisition enhances our commitment to provide affordable housing in New Jersey," says Gendron, who notes that this is his company's fourth purchase in the Garden State. Community Realty Management of Pleasantville manages all four of those properties for Silver Street. "Our rehabilitation of this complex not only improves the functionality and safety of the units, but also the aesthetic appeal."

Silver Street did the deal with a substantial amount of public and private assistance. Debt was provided by the Middlesex County Improvement Authority, according to Gendron, with a credit enhancement from Fannie Mae through Arbor Commercial Mortgage. The financing also included a construction loan from PNC Bank. The New Jersey Housing Mortgage Finance Agency, meanwhile, provided low-income housing tax credits. PNC Multifamily Capital invested in the tax credits, providing approximately $4.5 million in equity.

Silver Street Development Corp., which also has an office in Portland, ME, focuses primarily on multifamily property acquisition and development, with "a strong emphasis on community redevelopment and neighborhood investment," according to Gendron. The company owns and manages a portfolio of properties throughout the Northeast.