Standard Communities Expands Presence in NJ

Standard Communities announced its second acquisition in Atlantic City since April. Leading a public-private partnership, Standard acquired New York Avenue Apartments, a 151-unit affordable senior community. The total capitalization of this transaction is approximately $35.9 million, the company said.

Standard said it completed this transaction in partnership with HUD and the New Jersey Housing and Mortgage Finance Agency. The transaction was financed with LIHTCs arranged in partnership with PNC Bank, with additional financing provided by Citibank.