New York & Tri-State + Downtown New York + Finance | December 14, 2020

City Housing Agencies Line Up $289M RAD Loan

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.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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