Berkadia, a leading commercial real estate services and financing company, successfully arranged financing for the Frederick Samuel Apartments in Harlem. The property is a midrise affordable housing complex with 664 units. Heather Olson and Matthew Baptiste, managing directors at Berkadia, secured $71 million in permanent acquisition financing on behalf of Genesis Companies and Lemor Development.
The 30-year permanent financing was made possible through Freddie Mac’s Bond Credit Enhancement program. In addition to this loan, Berkadia will also service three tranches of senior debt totaling $93 million.
This successful funding effort was a collaboration between several organizations including the New York City Housing Authority (NYCHA), the New York Housing Development Corporation (NYHDC), Berkadia, Freddie Mac, and Goldman Sachs through NYCHA’s PACT Program. This innovative program combines HUD’s Rental Assistance Demonstration Program (RAD), HUD’s Project Based Rental Assistance (Section 18) program,and public/private partnerships.
Heather Olson expressed her excitement about this project stating that “with the transformation of over 660 homes,” it will bring much-needed renovations and resources to the community which will greatly improve residents’ quality of life in Harlem.
A rendering courtesy of SLM Architecture shows what can be expected from this revitalization project.
