Shippan Place

Jonathan Rose Companies purchased Shippan Place in Stamford, Connecticut’s Shippan Point neighborhood in December 2024 to preserve the affordability of the 148-unit HUD project-based Section 8 community for low-income seniors. The project included a $12.0 million capital transformation of the 8-story high-rise building that renovated all existing units and building systems.

The property’s Section 8 contract was renewed for the maximum term of 20 years, and 100% of units will remain affordable to seniors earning 60% of AMI, on average, for a minimum of 40 years.

The project was financed through an allocation of federal 4% LIHTCs issued by the Connecticut Housing Finance Authority (“CHFA”) in conjunction with 35-year permanent loan backed by tax-exempt bonds also issued and originated by CHFA. KeyBank Community Development served as the federal LIHTC investor providing $22.7 million of equity and provided a $16.6 million equity bridge loan. 

The $12.0 million renovation included comprehensive upgrades to units, common areas, and building systems. Unit improvements will include full kitchen and bathroom renovations in 100% of units, featuring new stainless-steel appliances, cabinets, countertops, tile backsplashes, sinks, tubs, surrounds, vanities, and medicine cabinets. As part of our commitment to bridge the digital divide, all units will also receive free Wi-Fi access. Additionally, 10% of units (15 total) will be converted to meet UFAS/ADA accessibility standards. 

Common area enhancements included a full renovation of the laundry room and updated elevator interior finishes. Building system upgrades included replacement of the roof, make-up air units, trash compactor, and fire panel, as well as the installation of a new rooftop solar system to improve energy efficiency.