BAYONNE, N.J. — Hudson Atlantic Realty has brokered the sale of Senior Horizons at Bayonne, an affordable seniors housing community located in Bayonne, roughly 10 miles outside New York City. The buyer and seller were not disclosed.
The property, which totals 59 units, is subject to agreements with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and New Jersey Department of Community Affairs (NJDCA) through 2047, as well as a Hudson County HOME regulatory agreement through 2042.
Of the units, 30 percent are reserved for residents earning at or below 60 percent of the area median income (AMI), 40 percent are reserved for residents earning at or below 50 percent of the AMI and 30 percent are reserved for residents earning at or below 40 percent of the AMI.
The transaction included a payment in lieu of taxes (PILOT) agreement with the City of Bayonne. Financing included a first mortgage from the NJDCA Neighborhood Preservation Balance Housing Program and a second mortgage from Hudson County, in addition to a non-interest-bearing photovoltaic loan from NJHMFA, which is repayable through the sale of solar renewable energy certificates.
“Closing this deal required mastering thousands of pages of regulatory paperwork across multiple government agencies and navigating decades of overlapping restrictions, accrued interest positions and compliance covenants,” says Adam Zweibel, president of Hudson Atlantic Realty and exclusive listing broker for the seller.