Tredway acquires Peekskill Plaza Apartments; senior affordable housing community - commits $4.5m in capital improvements

Peekskill, NY Tredway closed on the acquisition of Peekskill Plaza, a senior affordable housing community located at 901–907 Main St. The acquisition and recapitalization of the property will preserve long-term affordability, fund capital improvements and resident services. All units will be maintained as affordable for households earning at or below 60% of Area Median Income (AMI). As part of the acquisition, Tredway is committing over $4.5 million in capital improvements, the implementation of a social services program to support residents’ health and well-being, a partnership with the city on workforce development initiatives, and the placement of a full-time, on-site property manager to ensure responsiveness to residents’ needs.

“With a commitment to significant capital improvements and the long-term preservation of affordability, our acquisition of Peekskill Plaza Apartments reflects Tredway’s dedication to creating and sustaining safe, high-quality, and accessible housing,” said Will Blodgett, CEO of Tredway. “This investment will help ensure the senior residents of Peekskill Plaza can continue living with dignity, stability, and security for years to come. We are proud to partner with the city of Peekskill, the PIDA, and our state partners, whose collaboration has been essential in bringing this project to fruition. We look forward to deepening our roots in the community and making investments that enhance residents’ day-to-day quality of life.”

The transaction is being financed through private debt provided by Merchants Capital and sponsor equity. The project will receive a newly extended 40 year Payment In Lieu of Taxes (PILOT) through the Peekskill Industrial Development Agency. The property will also benefit from expanded rental assistance through the city’s Section 8 program. As part of the PILOT agreement, Tredway will make a one-time $3.8 million contribution to the city to support the city’s infrastructure repairs. SVN brokered the transaction.

Tredway’s investment will support over $4.5 million in capital improvements, including façade repairs to eliminate longstanding scaffolding, comprehensive upgrades to building systems, and the installation of new in-unit appliances. Tredway will also take meaningful steps to strengthen building security through property-wide maintenance improvements, upgraded access controls, expanded security coverage, and increased on-site security staffing — direct responses to concerns raised by both residents and the city of Peekskill.

On the operational side, Tredway will enhance the day-to-day experience of residents through the addition of a full-time, on-site resident service coordinator, a dedicated full-time property manager, and a leasing compliance specialist. The resident service coordinator will play a vital role in connecting residents with essential services, including food assistance, transportation, healthcare, and public benefits — ensuring that seniors at Peekskill Plaza Apartments have the support they need to thrive.

Tredway is committed to serving as a long-term steward of this property and looks forward to working in close partnership with the city of Peekskill to uplift residents and strengthen the fabric of the broader community.