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WinnDevelopment Makes QOZ Investment in Atlantic City

The $17.3-million purchase was financed by BlueHub Capital, formerly known as Boston Community Capital, using Capital Magnet Funds from the U.S. Department of Treasury, and by Citi Community Capital, using a combination of Affordable Housing Catalyst funds and acquisition bridge debt financing.

The 67-unit Liberty Apartments property was formerly the Liberty Hotel originally built in 1927. The 67-unit Liberty Apartments property was formerly the Liberty Hotel originally built in 1927.

ATLANTIC CITY, NJ—WinnDevelopment has acquired a scattered site complex of 153 units of affordable housing as a qualified opportunity zone investment and plans an extensive rehabilitation of the properties it now calls Sencit Liberty.

The development arm of national multifamily property developer and manager WinnCompanies of Boston, WinnDevelopment has purchased three historic properties— Liberty, 67 apartments at 1519 Baltic Ave., formerly the Liberty Hotel originally built in 1924; Schoolhouse, 66 apartments at 61 North Martin Luther King Blvd., formerly the Illinois Avenue School originally built in 1906; and, Disston, 20 apartments at 1711 Arctic Ave., formerly the Northside YMCA originally built in 1927.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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