Pilgrim Baptist Village
|Deal Type||Fannie Mae|
|Size||$62.4 Million||Our Role||Lender|
Built in 1978, Pilgrim Baptist Village is a 305-unit apartment complex that comprises 26 three-story apartment buildings spread out over 10 acres of a park-like campus.
HVPG intends to invest more than $20 million of capital improvements in the property, including new roofs, siding, boilers, bathroom and kitchen upgrades, as well as extensive site work and landscaping, creating an accessible site with new handicap-accessible units. The property also will benefit from energy efficient lighting, water conservation measures, and a state-of-the-art security system incorporating access controls and 24-hour active monitoring. HVPG is utilizing 4% low-income housing tax credit (LIHTC) and tax-exempt bonds issued by the New Jersey Housing and Mortgage Finance Agency to finance the rehabilitation.