$53 million HUD Section 223(f) refinance for The Montgomery Paulus Hook, Jersey City, NJ. The Montgomery Paulus Hook is a 308-unit, mixed income property formerly known as Paulus Hook Towers. Over half of the rental apartments at the Montgomery – 163 out of 308 units – are set aside for residents earning no more than 80 percent Area Median Income (AMI), and an additional 66 units are currently occupied by Section 8 voucher holders. Paulus Hook is a vibrant, thriving neighborhood in Downtown Jersey City boasting sweeping views of the Manhattan Skyline. The Jersey City Waterfront neighborhood provides residents with an array of restaurants, shopping and mass transportation options. The property was originally developed in 1973 under Section 236 of the of the National Housing Act. The financing will be used to pay off existing debt, fund replacement reserves and complete additional upgrades and repairs at the property to further enhance and improve residents’ quality of life. These additional improvements continue work on the property that began in 2018. Since that time, the owners have replaced exterior windows, installed new heat exchangers, and completed water heater replacements and elevator repairs. In-unit upgrades have continued during unit turnover. Additional improvements to the property will include the replacement of fan-coil units in each of the 308 apartments, extensive common area renovations including a new fitness center and yoga room, and a new resident lounge. The Montgomery Paulus Hook is owned by LIHC Investment Group, one of the nation’s largest owners of multifamily affordable housing and L+M Fund Management, a leading investor in preserving workforce and affordable multifamily housing.