New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Hunt RE Capital Finances $120M RAD Portfolio Deal
Hunt Real Estate Capital has provided financing to facilitate the acquisition and rehabilitation of a 39-property multifamily portfolio in the Bronx’s Mott Haven section. The total transaction was $120.6 million.
The Betances portfolio contains 1,088 units of existing New York City Housing Authority public housing that will undergo conversion through HUD’s Rental Assistance Demonstration (RAD) and Section 18 Disposition programs. The borrower is Betances RAD LLC.
“With the new financing, the portfolio will undergo a significant rehabilitation over a 24-month period after closing with a total construction contract amount of $109 million,” said Hunt’s Joshua Reiss.
“By converting through the RAD program, the property receives two 20-year project-based rental assistance contracts, thereby preserving affordability for the next 40 years,” added Reiss. “Working with Fannie Mae to finance this property enables us to leverage our collective strengths to rehabilitate high-quality affordable housing where it is much needed.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
