Fannie Mae financed a $289-million Rental Assistance Demonstration (RAD) transaction with its Delegated Underwriting and Servicing (DUS) lender partner Wells Fargo and the New York City Housing Development Corporation.
The 30-year RAD financing, put together in cooperation with New York City Housing Authority, will enable the upgrade and renovation of 1,718 tenant-occupied public housing units in Manhattan. These will be converted to multifamily residential facilities receiving housing assistance payments.
“This financing will transform these properties, improving the quality of housing for families in a high-cost market that offers few affordable housing options,” said Michele M. Evans, EVP and head of multifamily, Fannie Mae.
The renovation budget averages $158,000 per unit. It includes new kitchens, bathrooms, windows, doors and flooring; common area enhancements inside and outside the buildings; and upgrades for elevators, security, mechanical, and electrical systems.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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