Carthage Advisors has acquired McIver Homes, an 87-unit senior facility in East Orange, NJ. McIver Homes faced unique development issues as a HUD Section 236 project with an expiring rent subsidy contract. Through recent HUD regulations, Carthage was able to successfully renegotiate a new HAP contract with HUD and collaborate with syndicators and state agencies to secure tax credit equity and bond financing. With closing, Carthage was able to recapitalize the project and provide much needed capital improvements to the building to better serve its senior residents.
