Hudson Property Group Completes Renovation of Corinthian Towers Affordable Housing Complex in East Orange, New Jersey

Hudson Valley Property Group has completed a $57 million preservation project at Corinthian Towers, a 221-unit affordable housing complex in East Orange, New Jersey. Located at 67 S Munn Avenue in the city’s 4th Ward, the 94-year-old property now offers improved security, modernized homes, and energy efficient systems.

The City of East Orange supported the project with a long-term PILOT Agreement.

“The City of East Orange is excited to celebrate the completion of this expansive renovation project at Corinthian Towers and I applaud Hudson Valley Property Group for making this significant investment in our community,” said mayor Ted R. Green. “Quality, affordable housing is one of my administration’s top priorities and the partnership we share with HVPG, HUD and the New Jersey Housing and Mortgage Finance Agency is an excellent example of how we can improve the standard of living for our residents, preserve the stability of our neighborhoods, and contribute to the economic revitalization of our city.”

Interior renovations accounted for $11.5 million of the total project costs, or approximately $50,000 per unit. This includes modernized kitchens with new countertops and cabinets, energy-efficient fixtures and appliances, and ADA-compliant layouts. In an effort to preserve the character of the building, the project team refurbished the original terrazzo flooring in the lobby and installed custom brass entry doors.

To improve access throughout the building, tenants can now use an audio and visual intercom system and new elevators cabs throughout the property. The old elevator cabs were donated to the Patterson Fire Department to be used in ongoing training programs.

With construction now complete, HVPG is looking for a local, non-profit partners to offer curated resident programming and supportive services. All existing generator, boilers, and roofing were also replaced to enhance overall quality of life for Corinthian Towers’ tenants.

“The building has changed a lot since Hudson Valley Property Group took over. It’s cleaner, the hallways are nicer, there are no rodent problems. Safety of the building is number one. Overall, it’s a good place to live and raise your kids,” said Jamillah Ellis, a resident of Corinthian Towers.

All apartment units at the property received a subsidy through a HUD project-based Section 8 Housing Assistance Payment (HAP) contract. To ensure the long-term affordability of the property, HVPG obtained a new, 20-year-term HAP contract. No residents were displaced as a result of this transaction.

Financing the rehabilitation included private equity raised from the Hudson Valley Preservation Fund, LLC, NJHMFA tax-exempt bonds, and a 4% Low Income Tax Credits purchased by PNC. Additional funding included a construction loan from PNC and a Freddie Mac credit enhanced Tax-Exempt Loan originated by PGIM Real Estate.

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Affordable Housing East Orange Hudson Property Group New Jersey Residential

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