Atlantic City, NJ — In its first acquisition in New Jersey, Standard Communities, the affordable housing division of Standard Companies, has acquired Baltic Plaza Apartments, a 169-unit affordable senior community in Atlantic City. The total capitalization of this transaction is approximately $38 million.
Built in 1982 and located at 1313 Baltic Ave. in Atlantic City, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract.
Standard Communities completed this transaction in partnership with the US Department of Housing and Urban Development (HUD) and the New Jersey Housing and Mortgage Finance Agency (NJHMFA). The transaction was financed with Low Income Housing Tax Credits (LIHTC) arranged in partnership with PNC Bank, with additional financing provided by Citibank.
“Standard is pleased to partner with the New Jersey Housing and Mortgage Finance Agency, who have worked tirelessly to ensure the creation and preservation of affordable housing in this critical time,” said Scott Alter, principal and co-founder of Standard Communities.
With an approximately $10 million renovation planned, Standard will provide residents with updated units, upgraded common area and amenity spaces, and modernized building systems.
“This public-private partnership will extend the affordability of all 169 units for the next 30 years and facilitate a transformative renovation that will dramatically enhance the resident experience,” said Melanie Walter, executive director, New Jersey Housing and Mortgage Finance Agency.