Berkadia, a real estate financing company, has successfully secured funding for the Frederick Samuel Apartments. This affordable housing property is located in Harlem and consists of 664 units in a midrise building. Heather Olson and Matthew Baptiste, managing directors at Berkadia, were able to secure $71 million in permanent acquisition financing on behalf of Genesis Companies and Lemor Development.
The financing was facilitated through Freddie Mac’s Bond Credit Enhancement program with a term of 30 years. In addition to this, Berkadia will also be servicing three tranches of senior debt totaling $93 million.
This funding was made possible through collaboration between various organizations including The New York City Housing Authority (NYCHA), the New York Housing Development Corporation, Berkadia itself along with Freddie Mac and Goldman Sachs through NYCHA’s PACT Program. This program combines HUD’s Rental Assistance Demonstration Program (RAD), HUD’s Project Based Rental Assistance (Section 18) as well as public/private partnerships.
Heather Olson expressed her excitement about this project stating that it will bring much-needed renovations and resources to the community which will greatly improve the quality of life for thousands living in Harlem. A rendering courtesy SLM Architecture shows what can be expected from this transformational initiative.
