St. Mary’s Villa at 425 Sanford Ave. in Newark — Courtesy: SVN Affordable | Levental Realty
By Joshua Burd
Jonathan Rose Cos. has sold a 360-unit, age-restricted affordable housing property in Newark for more than $47 million, according to brokers involved with the transaction.
SVN Affordable | Levental Realty, a brokerage focused on affordable housing, on Monday announced the sale of St. Mary’s Villa at 425 Sanford Ave. An entity identified as Paces St. Mary’s purchased the property for $47.5 million.
SVN Affordable Senior Advisor Jamie Renzenbrink led the transaction on behalf of the firm.
St. Mary’s Villa, which is located in Newark’s West Ward, currently has a federal rent subsidy covering 100 percent of the units, according to a news release. The property is now slated to receive upgrades to improve energy efficiency, including a new roof and solar panel installation.
“There were a few regulatory challenges that made this deal particularly difficult for most investors to pursue,” said Gene Levental, managing director with SVN Affordable. “We needed to target a specific type of buyer and structure a transaction with a creative capital stack that resulted in a viable deal for a buyer, but at market pricing that was compelling for the seller to transact.”