The Rose Affordable Housing Preservation Fund IV purchased Shippan Place in June 2017. The 148-unit senior Section 8 property is located in Stamford, CT, on a two-acre parcel consisting of a high-rise tower and surface parking. The Fund secured this purchase off-market as part of the Forest City Portfolio acquisition.
At closing, the Fund secured a new seven-year fixed-rate mortgage which required no equity at closing and provided funding for rehabilitation. The Fund also acquired a new 20-year Section 8 contract that provided a 12% rent increase. In addition, the Fund worked with the city of Stamford to successfully assign the property tax abatement which resulted in significant property tax savings. The Fund plans a long-term hold of this property.
The Fund has received both Enterprise Green Communities Certification and Energy Star Certification. The Fund received more than $110k in utility rebates for its energy improvement. As part of the property’s renovation, the Fund added a medical room to the property’s community center, and expanded its fitness center. A variety of programs and activities are provided for the residents.