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Fairstead Completes Financing on 905 Affordable Units
Fairstead has completed the financing of a 905-unit portfolio of subsidized housing across nine properties totaling 49 buildings in New York City. Over the past six months, in nine distinct transactions, Fairstead restructured the $430-million portfolio with $310 million in HUD-insured financing.
The portfolio, located throughout Brooklyn and Manhattan, had been on the verge of conversion to market-rate housing. Instead, Fairstead collaborated with NYC Council Members, the city’s Department of Housing Preservation and Development (HPD), and the U.S. Department of Housing and Urban Development to rehabilitate and preserve it as affordable housing.
The most recent transaction, which closed Dec. 30, was a $46.4-million loan provided by Capital One and HUD for 680 St. Nicholas Ave. in Northern Manhattan’s Hamilton Heights neighborhood. Fairstead completed a comprehensive renovation of the property last year, and introduced a social services platform along with amenities.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
