Location Pin New York City Metro

Allen Young Apartments

In the face of a severe affordable housing shortage across the US, preserving low-income housing stock is more urgent than ever. With Urbane’s expertise, Allen Young received a financial lifeline, 100+ households maintained their affordable status, and the development was upgraded for the first time since its completion in 1975.


Urbane served as development consultant to Baker Capital Partners and Vitus Group to reposition and recapitalize Allen Young Apartments, a 107-unit subsidized apartment complex in Plainfield, NJ,  preserving affordability for residents and increasing cash flows for the owner. 


Baker Capital Partners

Vitus Group 


2018 - 2019

Select Services

RAD program consulting 

Affordable housing finance strategy  

Tenant Engagement

Equity partnership formation 

PILOT tax abatement management 

Allen Young Apartments in Plainfield, NJ


In the face of an expiring Rental Assistance Program contract, Urbane guided Baker Capital Partners and Vitus Group to reposition and recapitalize Allen Young Apartments, a 107-unit subsidized apartment complex in Plainfield, NJ. The buyer aimed to acquire the housing complex with the dual challenges of continuing to provide affordable housing and improving the property’s financial sustainability.

Over the course of the project, Urbane created a development and financial strategy to guide the client from pre-development to regulatory and financing approvals, to closing. The team solved for Allen Young’s expiring Rental Assistance Program contract by securing a new Section 8 contract through HUD’s Rental Assistance Demonstration (RAD) program. The result was an increase in the number of subsidized project-based units in the complex, preserving the long-term affordability of the project.

Urbane assisted Baker Capital with decoupling the existing IRP subsidy mortgage for additional debt service, providing $1.2M in additional subsidy to the project’s capital stack. The team obtained approval for a new 20-year PILOT to reduce tax assessments with the City of Plainfield, further securing affordability. Urbane secured key approvals to advance the deal: a) HUD 2530 for the sale of the project from HUD’s portfolio; and b) NJ Housing Mortgage & Finance Agency (NJHMFA) for pre-payment of an existing mortgage in its portfolio and new bridge financing to acquire and rehabilitate the property. Urbane linked Baker Capital with a joint venture partner, Vitus Group, for balance sheet backing and guidance to help complete the transaction.

As part of Urbane’s strategy to stabilize the property, rent subsidy levels were increased to 110% of the Small Area Fair Market rent in Union County prescribed by HUD create new cash flow. This increase enabled the revitalization of the property with over $3M in capital improvements, including ADA upgrades for disabled and visually impaired residents, and additional energy efficiency improvements to reduce expenses.

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