NEW YORK, NY – September 13, 2023 – The Capital Services Group for Ariel Property Advisors (Ariel) has arranged a joint venture for the acquisition of a 65,000-square-foot, 60-unit affordable housing complex in Charlotte, NC.

Ariel’s Senior Directors Matt Swerdlow and Matthew Dzbanek secured $2.5 million from the limited partner, a New York City-based, mission-driven nonprofit that is committed to promoting and preserving high quality affordable housing nationwide. Fannie Mae through Greystone provided the $5.95 million senior loan on behalf of the sponsors, J&S Realty LLC and Sandee Road Ventures. The purchase price for the property was $8,402,600.

“I'm thrilled to be a part of an affordable housing transaction that is a win-win for both the sponsors and tenants,” Swerdlow said. “The sponsors are implementing an 80% area median income (AMI) rent restriction and plan to introduce a variety of social mobility initiatives that will benefit the tenants and overall community.”

J&S Realty LLC and Sandee Road Ventures have 350+ units under management and are actively pursuing new opportunities in the Mid-Atlantic and Carolinas. This affordable housing acquisition is their first in the Charlotte market.