Section 8 housing complex was owned by NYU Langone
Jonathan Rose Companies, Nuveen, and NHP Foundation have acquired a Section 8 housing complex at 9000 Shore Road from NYU Langone for $149.4 million, according to GlobeSt. The two interconnected buildings are located in Bay Ridge, and span a total of 414,127 square feet.
What comes next: The partnership will invest $3 million in capital improvements. The buildings consist of 325 studios and 233 one-bedrooms.
Acquisition financing: The buyers secured a $102 Freddie Mac loan provided by PGIM Real Estate Finance to close the deal. Debt has a 10-year term, and a fixed rate.