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Fairstead Closes on Planned Conversion of Park 79 Hotel
Fairstead and Project FIND have closed on the planned $60-million conversion of the historic Park 79 Hotel on Manhattan’s Upper West Side to 77 affordable residences specifically for seniors. Construction on the building, located on 79th Street near Columbus Avenue, is expected to begin in the coming weeks.
The project is funded through a $51-million construction loan from Merchants Capital and a $28.4-million permanent financing commitment from Freddie Mac originated by Merchants Capital, along with a 9% Low Income Housing Tax Credit equity investment from Boston Financial. The property will remain affordable for seniors for at least the next 60 years.
“At a moment when the need for high-quality affordable housing for New York’s seniors couldn’t be more urgent, we are beyond proud to break ground on creating 77 deeply affordable residences for seniors right in the heart of the Upper West Side,” said Will Blodgett, founding partner of Fairstead.
For comments, questions or concerns, please contact Paul Bubny
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