Silver Street Development is proud to announce the recent acquisition of Charlotte Harbortown Homes, a 553-unit multifamily housing development located in Rochester, NY. This acquisition marks Silver Street’s third of 2015 and the largest single asset purchase in terms of unit count in the company’s history.
Built in 1974, Charlotte Harbortown Homes is a former Mitchell-Lama property originally financed by New York Urban Development Corporation with an uninsured state agency mortgage under Section 236. The property is comprised of 18 buildings including a 201-unit, 13-story tower for seniors, a 253-unit 15-story tower for seniors, and sixteen (16) 2-storygarden-style buildings that include 99 one-to four bedroom townhouse units for families.
Silver Street acquired the property via a cash purchase of the General Partner and Class A Limited Partner interests utilizing a joint venture equity investment with the Community Development Trust (“CDT”) of New York. Immediate plans for the property include securing additional project- and tenant-based rental assistance and addressing capital improvement needs.
The acquisition is another testament to Silver Street’s ability to close large complex transactions involving multiple private and public entities in a timely fashion.