ATLANTIC CITY, N.J. — Standard Communities, the affordable housing division of Standard Cos., has acquired Baltic Plaza Apartments, a 169-unit affordable seniors housing community in Atlantic City.
The total capitalization of the transaction, including the sales price, a $10 million renovation plan and other costs, is approximately $38 million.
Built in 1982, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. The property is Standard Communities’ first acquisition in New Jersey.
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.
“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,” says Melanie Walter, executive director for NJHMFA.
In addition to unit improvements and general updates, the renovation includes energy and water conservation measures. These are expected to reduce energy consumption by 27 percent and water usage by 22 percent, collectively saving Baltic Plaza residents over $31,000 per year in utility bills.