Newark, NJ — Hudson Valley Property Group (Hudson Valley) joined by partners New Jersey Housing and Mortgage Finance Agency (NJHMFA), the Department of Housing and Urban Development (HUD), Fannie Mae, and the City of Newark,to celebrate the completion of the $90M redevelopment of Pilgrim Baptist Village (PBV) Apartments, with $22M in renovations. Located in downtown Newark in the Central Ward, the project provided extensive renovations to 305 units of affordable housing and preserved long-term affordability for residents.
“We are thrilled to celebrate the transformation of Pilgrim Baptist Village, providing refreshed apartments, new amenities, and continued affordability for residents of Newark,” said Jason Bordainick, CEO and co-founder of Hudson Valley Property Group. “This project was successful and possible because of the collaboration of the community. We are thankful to the City of Newark, local elected officials, our financial partners, and residents for their support in the preservation of this critical housing and broader work to uplift the community as a whole.”
“The renovation of Pilgrim Baptist Village Apartments represents a strong case study for the preservation of essential affordable housing by transforming a challenged property into a modern, safe, and welcoming home for those who will reside in it,” said Melanie Walter, executive director, New Jersey Housing and Mortgage Finance Agency. “The road to revitalization has been long, but agency staff and our development and community partners worked hard and creatively, ultimately completing a transformation that will have a meaningful, long-term impact for the residents and the community.”
Located on Bergen St. and Avon Ave., the complex is made up of two clusters of project-based Section 8 family housing buildings – PBV I offering 153 apartments and PBV II offering 152.
The acquisition was financed through a 4% low-income housing tax credits, NJHMFA bonds, and Fannie Mae debt through Key Bank. Tax credit equity was provided by PNC Real Estate. The property receives subsidy through a long-term HUD project-based Section 8 HAP contract. The City of Newark supported the project with a new 30-year PILOT Agreement.