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Belveron Closes Affordable Fund at $280M
Belveron Partners, a leading affordable housing and preservation-focused investment group, today announced the closing of its sixth real estate investment fund. The $280-million fund exceeded its initial target of $225 million—or by 124%.
The fund aims to acquire and preserve upwards of 5,000 units of affordable and workforce housing over the next three years, targeting urban and suburban areas in the Northeast, Mid-Atlantic, and Southwest.
“One of our objectives for this fund is to make sure that existing affordable properties are protected, improved, and available to serve low- and middle- income families throughout the county,” said Belveron founder Paul T. Odland.
Among the largest transactions that Belveron completed over the past year was the acquisition of 1,275 units of affordable housing in the Bronx. The portfolio, which spans eight buildings, was constructed in the 1970s under the state’s Mitchell-Lama program was at risk of being converted to market-rate.
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- ◦Financing
