The affordable owner Hudson Valley Property Group through the entity HP Riverview Housing Development Fund Company, Inc. acquired an interest from Treetop Development through the same entity, HP Riverview Housing Development Fund Company, Inc. valued at $115 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 363 residential units at Riverview Apartments at 1600 Sedgwick Avenue in Highbridge. The deal closed on December 18, 2020 and was recorded on January 15, 2021.
The property contains a total of 416,144 square feet of built space.
Hudson Valley Property Group acquired control of the Morris Heights property with 383 affordable units, known as Riverview Apartments, from Treetop Development. Hudson Valley assumed a $75.9 million loan and obtained an additional $7.89 million with the acquisition. Jason Bordainick, Hudson Valley managing partner, was the signatory on the loans. The transfer documents did not have signatures.
Treetop, in turn, had acquired control in March 2019 from FBE Limited in a transaction valued at $83.9 million.
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