Carthage Advisors acquired McIver Homes, an 87-unit senior housing community in East Orange, New Jersey, preserving a critical affordable housing resource for the area’s aging population. The firm performed a multimillion-dollar renovation and disposed of the asset in 2020.

The property presented unique challenges as a HUD Section 236 development with an expiring rent subsidy contract—a situation that threatened long-term affordability and stability for residents. Leveraging deep expertise in HUD programs and evolving federal regulations, Carthage negotiated a new Housing Assistance Payments (HAP) contract with HUD, ensuring continued affordability for seniors who depend on it.

In partnership with syndicators and state agencies, Carthage also secured tax credit equity and bond financing, enabling a full recapitalization of the property. This financing structure made it possible to invest in much-needed capital improvements, enhancing building systems, safety, and overall quality of life for residents.

Through strategic planning and collaborative execution, McIver Homes was preserved as a safe, stable, and modernized senior community—reinforcing Carthage’s commitment to protecting affordable housing and supporting vulnerable populations.

Total Project Costs: $15MM