Jonathan Rose Companies has acquired an affordable housing property at 350 Saint Ann’s Avenue in the Bronx from Omni New York for $64 million, The Real Deal reported citing public records. The Section 8 building, known as Thessalonica Court, spans 179,130 SF, and contains 190 apartments.
- Acquisition financing: The buyer secured a $53 million mortgage from Merchants Capital to close the deal.
- Be Smart: Jonathan Rose Companies recently raised a $525 million impact acquisition fund focused on affordable housing. In April, the firm acquired the 217-unit, residential portion of 65 West 96th Street from the Starrett Corporation for $93.83 million. The 314,041-square-foot building operates under HUD’s partial Section 8 and New York state’s Mitchell-Lama programs.
- Heard on the Street: Jonathan Rose said the following in a press release when the firm closed the fund. “Our fundraising success was a testament to the rising interest of investors in impact and our team’s track record over the last decade and a half of delivering on that promise. Every one of our investors underwrote our environmental and social track records as deeply as they did our financial track record.” [TRD+REW]