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RiseBoro Reaches Agreement with Blackstone’s April Housing
RiseBoro Community Partnership has reached an agreement with Blackstone, through its affordable housing portfolio company April Housing, to restructure their partnership to preserve affordability at three multifamily properties totaling 190 units in Brooklyn.
The agreement resolves litigation between RiseBoro and the former limited partner, which Blackstone inherited in connection with a portfolio acquisition. Under the restructured agreement, RiseBoro will acquire a majority interest in the properties.
In order to support RiseBoro’s work within Brooklyn’s Bushwick community , Blackstone has committed to donate $1.2 million over 15 years to fund RiseBoro’s resident support services.
““Responsible investors play a critical role in our country’s affordable housing ecosystem and we are pleased to be establishing a new model for partnership among nonprofit organizations and private investors,” said Scott Short, CEO of RiseBoro.
Blackstone launched April Housing in February 2022. It oversees a portfolio of more than 90,000 affordable units.
- ◦Sale/Acquisition
