Johnson Apartments, left, and Publo City Apartments, Newark, NJ

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NEWARK, NJ—Newark Mayor Ras J. Baraka'scommitment to expansion of affordable housing in the state'slargest city is bearing fruit, with Radiant PropertyManagement's acquisition of 209 units from theVirginia-based Realty Management Associates. Theproperties acquired are commonly referred to as PuebloCity, Center City 3 and JohnsonApartments.

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Radiant Property Management focuses on therehabilitation and management of multi-family residentialproperties. Radiant was founded with the primarygoal of providing safe and secure housing for all its residents andhas continued their mission into Newark.

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Baraka worked closely withRadiant to ensure high-quality affordable housingis available to Newark's most vulnerable residents. Last June, themayor introduced an inclusionary zoning ordinance that requiresdevelopers to set aside 20 percent of their residential units foraffordable housing.

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“For too long, these properties have sat uninhabitable blightingthe neighborhood,” says Baraka. “I applaudRadiant in their efforts to provide our familieswith the decent living conditions they deserve. Newark residentsshould never be exposed to the unspeakable conditions once enduredin these properties.”

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“The South Ward is fortunate to have found a partner in Radiantwho is undertaking the renovation of these long neglectedproperties,” says South Ward Councilman John SharpeJames. “It is crucial that we strive to improve thequality of life for all Newark families.”

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Radiant will spend $15 million to renovate the 209 units ofaffordable housing in five phases, over eighteen months.

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KeyBank provided a $22.9 million loan toacquire and rehabilitate a portfolio of 13 buildings. The financingincluded $10.8 million for unit interior upgrades including newwindows, roofs, building systems, lighting, boilers/heaters, andground-up construction for a new 20-unit building.

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“It is important to demonstrate our commitment to providingquality housing for all Newark families,” says JohnGilmore, vice president of KeyBank Real EstateCapital. “This partnership with Radiantis a promise to continue making a positive impact in thecommunity.”

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“The citizens of Newark deserve affordable housing they can beproud of,” says Terry Floyd, director of tenantrelations at Radiant. “We have a responsibility to empower Newarkresidents to grow and thrive in their own neighborhoods.”

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Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].