St. Mary's Villa, Newark, NJ
NEWARK, NJ—SVN Affordable/Levental Realty arranged the sale of St. Mary's Villa, an age-restricted Section 8 housing project in Newark. SVN Affordable acted as exclusive listing broker and was responsible for valuing, marketing and negotiating the transaction on behalf of the Seller.
St. Mary's Villa is a 360-unit age restricted property with a Project-Based Section 8 HAP Contract covering 100% of the units. The project is currently under a 20-year, Option 3b HAP Renewal Contract, expiring in 2024. The property underwent full mark-to-market restructuring in 2004 and is encumbered by an M2M Use Agreement through 2034. Energy efficient upgrades are planned for the property including a new roof and solar panel installation, among others.
“There were a few regulatory challenges that made this deal particularly difficult for most investors to pursue,” says Gene Levental, managing director, SVN Affordable. “We needed to target a specific type of buyer and structure a transaction with a creative capital stack that resulted in a viable deal for a buyer, but at market pricing that was compelling for the seller to transact.”
SVN Affordable senior advisor Jamie Renzenbrink led the transaction on behalf of the firm.
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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].
