Senior Horizons at 74 Lexington Ave. in Bayonne — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A private buyer has closed on a 59-unit senior affordable housing property at the south end of Bayonne, according to a listing team with Hudson Atlantic Realty.
In a news release, the brokerage said the building at 74 Lexington Ave. changed hands as part of an especially complex transaction. That involved multiple overlapping regulatory restrictions, layered public financing, decades-long compliance obligations and approvals from multiple government agencies, all typical of Low-Income Housing Tax Credit rehabilitation projects.
According to Hudson Atlantic, the Senior Horizons property is subject to:
- A LIHC regulatory agreement with the New Jersey Housing and Mortgage Finance Agency through 2047
- A New Jersey Department of Community Affairs affordable housing agreement through November 2047
- A Hudson County HOME regulatory agreement through 2042
The firm’s Adam Zweibel represented the seller.
“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,” said Zweibel, Hudson Atlantic’s president. “By leveraging advanced AI tools alongside deep industry expertise, we were able to efficiently analyze, organize and resolve the intricate layers of documentation, financing and operational requirements to successfully complete the transaction.”
The firm added that the deal came with a payment in lieu of taxes agreement with the City of Bayonne. Financing layers included a first mortgage from the DCA Neighborhood Preservation Balance Housing Program and a second mortgage from Hudson County.
Additionally, the property has a non-interest-bearing solar photovoltaic loan from HMFA, repayable through the sale of Solar Renewable Energy Certificates, the news release said. The property was originally placed in service as a LIHTC rehab project in November 2022.
