Marineview Plaza
2 Marine View Plaza, Hoboken, NJ LIHC AffordableProperty Detail
Marineview Plaza is a 432-unit, moderate-income property located one block from the Hudson River in Hoboken with breathtaking views of New York City. This property consists of two high-rise buildings with a roof-deck swimming pool.
The Marineview Plaza transaction was an unusual one; the owning partnership did not have enough rental income to cover the mortgage, and substantial interest was accruing. LIHC Investment Group formed a new joint venture partnership with the limited partners. The arrangement paid cash proceeds to the limited partners and allowed them to retain a portion of future cash flow and sales proceeds. With the establishment of this joint venture, the limited partners received cash proceeds for the first time in over 20 years.
MARINEVIEW PLAZA
2 Marine View Plaza, Hoboken, NJ
LIHC Affordable