Silver Vistas

Silver Vistas is a 171 unit age-restricted (55 and older) property located in Neptune, NJ.  Upon closing the transaction Silver Street was able to convert the 59% affordable property to a 96% affordable property.  The original subsidy was a combination of Section 236 units and Project Based Voucher units.  Under the RAD program Silver Street was able to obtain a new project-based voucher contract for 144 of the units.  The transaction was a 2015 4% bond allocation with LIHTC partner Boston Financial.  A significant 2016 and 2017 rehabilitation of the property included new windows, a new roof membrane, a trash compactor, an intercom system, new doors, building entrance controls, and lighting, a new emergency generator. Further more, improvements to the exterior included facade and elevators treatments, the installation of rooftop solar panels, a boiler system replacement and other mechanical/electrical upgrades. Site improvements will include paving, painting and landscaping.

171 Units

Acquired: 2016

Investor: Boston Financial