Standard Communities Buys 169-Unit Affordable Seniors Housing Property in Atlantic City
ATLANTIC CITY — Standard Communities has purchased Baltic Plaza Apartments, a 169-unit affordable seniors housing property in Atlantic City. The new ownership plans to invest about $10 million in capital improvements to the property, which was originally built in 1982. Standard Communities completed this transaction in partnership with the U.S. Department of Housing & Urban Development and the New Jersey Housing & Mortgage Finance Agency. The transaction was financed with Low-Income Housing Tax Credits arranged in partnership with PNC Bank, with additional financing provided by Citibank.