Tredway, a real estate developer specializing in affordable and mixed-income properties, has partnered with ELH Mgmt. LLC to acquire a portfolio of seven buildings in Fort Greene, Brooklyn. The project is funded by a $97 million loan from Wells Fargo through Freddie Mac and has an estimated total development cost of $110 million.
This acquisition secures the long-term affordability of 193 homes for low-income households earning up to 50% of the area median income. In addition, 30% of the homes will be reserved for formerly homeless individuals and families. To improve these properties, over $10 million will be invested by the developers towards renovations including critical aging-in-place retrofits, a new wellness center,and energy-efficient upgrades.
According to Will Blodgett,the CEO & founderof Tredway,”The rapid changes seen in Fort Greene over recent years have made it challenging for longtime residents to remain in their community.” He believes that preserving affordable housing options like Greene Clermont Houses and Tri-Block Houses Apartments can help combat displacement while showcasing New York City’s diverse socio-economic landscape.
The post entitled “Wells Fargo Lends $97Mto Acquire BK Affordable Housing Portfolio” was originally published on Connect CRE.
