Standard Communities, the affordable housing division of Standard Companies, said in a press release that it acquired Baltic Plaza Apartments, a 169-unit affordable senior community in Atlantic City. The total capitalization of this transaction is approximately $38 million and is Standard’s first acquisition in New Jersey, the company said. The units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract.
Standard Communities completed this transaction in partnership with the U.S. 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, the company said.
“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,” Principal and Co-Founder of Standard Communities Scott Alter said in a statement.