Marineview Plaza2 Marine View Plaza, Hoboken, NJ LIHC Affordable
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.
2 Marine View Plaza, Hoboken, NJ