Rosa Parks Apartments
KeyBank Community Development Lending and Investment (CDLI) secured $5 million of financing for Radiant Property Management, LLC, a Newark, N.J.-based real estate services company focused on acquiring and redeveloping multifamily properties in New York and New Jersey, to acquire an affordable senior (62+) housing property in Paterson, N.J.
The 50-unit Rosa Parks Apartments is a five-story residential building housing 10 studio units; 34 one-bedroom, one-bathroom units; five two-bedroom, one-bathroom units; and one employee unit on a rent-free basis. The property benefits from a project-based, Section 8 Housing Assistance Payments (HAP) Contract covering 49 of the 50 units. The remaining non-HAP unit is occupied by the superintendent. The property is located in a low-income area with walkable access to essential retail as well as access to public transportation and local and regional employment centers via mass transit or highways.