Tredway, an affordable and mixed-income real estate developer, and ELH Mgmt. LLC have acquired a seven-building portfolio in Fort Greene, Brooklyn. The project is financed with a $97 million Freddie Mac loan from Wells Fargo, with a total development cost estimated at $110 million.  

This acquisition ensures the affordability of 193 homes for another 40 years, targeting low-income households earning no more than 50% of the area median income. Additionally, 30% of the homes will be reserved for formerly homeless individuals and families. The developers are investing over $10 million to renovate the properties, which includes critical aging-in-place retrofits, a new wellness center, and energy-efficiency improvements. 

“The tremendous changes we’ve seen in Fort Greene over the past decade have unfortunately made it difficult for longtime residents to remain in the community they pioneered,” said Will Blodgett, CEO & founder of Tredway. “By locking in affordability for elderly and vulnerable residents, we hope the preservation of Greene Clermont Houses and Tri-Block Houses Apartments serves as a bulwark against displacement and an example of the socio-economic diversity that makes New York City so great.”