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NEWARK-With a $36-million financing package firmly in hand, Southport Financial Services Inc. is set to embark on a major overhaul of the aging, 422-unit Georgia King Village, a combination high-rise and townhouse multifamily residential complex on the western edge of this city’s downtown area. The 12-acre complex, which is made up of two 18-story buildings and 25 three-story townhouse buildings, was built back in 1975.

The money for the project is coming from the New York-based Related Capital Co. and its affiliate Charter Municipal Mortgage Acceptance Co.The redevelopment, which is being handled by Southport’s Newark office, is also combining a number of government housing programs aimed at serving the income-restricted, affordable and other multifamily housing sectors in New Jersey’s largest city. Those programs include housing vouchers and rental assistance contracts.

“This is by far the most important multifamily redevelopment Newark has seen in years,” according to Eric Trucksess, senior vice president of Related Capital. Related itself provided $11 million in equity for tax credits generated by the development, according to Trucksess. CharterMac, a publicly traded company managed by Related Capital, is providing $25 million in financing through bond investments.

According to Peter Leach, Southport’s senior vice president in charge of projects in the eastern US, the extensive rehab will include “approximately $25,000 per unit for the upgrading of interiors, exteriors and grounds.” The additional capital will go for providing a variety of new recreational and community amenities. Units range from studios of 564 sf to five-bedroom units with more than 1,500 sf.

The majority of the units in the redeveloped Georgia King Village will be set aside for tenants who earn 60% or less of the region’s median income, according to Donald Harris, Southport’s New Jersey partner. The property is also located near the University of Medicine and Dentistry of New Jersey, a major teaching hospital.

Related Capital and its affiliates, meanwhile, manage more than $5 billion in equity for institutional and retail real estate investors. That represents a portfolio valued at more than $15 billion, according to Trucksess.

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