$57M Renovation At East Orange Housing Complex Is Complete

EAST ORANGE, NJ — A $57 million renovation at a 94-year-old affordable housing complex in East Orange has crossed the finish line.

Hudson Valley Property Group (HVPG), a national affordable housing preservation company, recently announced the completion of a major preservation project at Corinthian Towers, a 221-unit housing complex in the 4th Ward of East Orange.

The renovations include “complex-wide infrastructure modernization,” apartment upgrades and the implementation of “enhanced site monitoring” using intelligent cameras. It all adds up to a new beginning for the 94-year-old facility, according to HVPG, which released the following statement about the upgrades:

“Renovations of the 221 apartments included designer inspired kitchen cabinetry and countertops with high efficiency appliances, the creation of fully compliant ADA and H/V units, and new energy-efficient lighting and water conserving fixtures. HVPG also paid careful attention to the character of the building, reinvigorating the lobby's original terrazzo flooring with thoughtful tile touches carrying over to custom brass entry doors. A full elevator modernization was undertaken, and the old elevator car was donated to the Patterson Fire Department to be used for their ongoing training program. In addition, the building's generator, boilers, and roofing were replaced, adding to the quality-of-life upgrade provided to the residents. Security measures were also overhauled at the property with new generation, advanced smart cameras allowing for full building viewing in high definition, an audio and visual intercom system, and the addition of monitored access control points.”

According to the company, all apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Assistance Payment (HAP) contract. To ensure the “long-term affordability” of the property, HVPG obtained a new, 20-year-term HAP contract.

No residents were displaced as a result of this transaction, the company said.

Here’s how it was paid for, the company said:

“Financing the rehabilitation included private equity raised from the Hudson Valley Preservation Fund, LLC, NJHMFA tax-exempt bonds and 4% Low Income Tax Credits (LIHTC) purchased by PNC, a construction loan from PNC and a Freddie Mac credit enhanced Tax-Exempt Loan (TEL) originated by PGIM Real Estate. The City of East Orange supported the project with a long-term payment in lieu of taxes (PILOT) agreement.”

With construction now complete and similar to other HVPG properties, ownership and management will look to partner with local nonprofit organizations and health care/technology providers to offer curated resident services programming at the property, the company said.

HVPG noted that it also brought in a new property management partner, Community Realty Management of Pleasantville.

“The building has changed a lot since Hudson Valley Property Group took over,” said Jamillah Ellis, a resident of Corinthian Towers.

“It's cleaner, the hallways are nicer, there are no rodent problems,” Ellis added.

City of East Orange Mayor Ted Green, U.S. Housing and Urban Development and New Jersey Housing and Mortgage Finance Agency officials attended a ribbon cutting ceremony earlier this month to mark the renovation.

• See related article: East Orange Churns With $1B In Real Estate Development, Firm Says

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