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 is estimated to have a total development cost of $110 million.
This acquisition secures the affordability of 193 homes for another four decades, specifically targeting low-income households earning up to 50% of the area median income. Additionally, 30% of the homes will be reserved for formerly homeless individuals and families. The developers are investing more than $10 million into renovating these properties which includes essential aging-in-place updates as well as adding new amenities such as a wellness center and energy-efficient improvements.
According to Will Blodgett, CEO & founder at Tredway: “The rapid changes we’ve witnessed in Fort Greene over recent years have made it challenging for long-time residents to remain within their community.” He further adds that by ensuring affordability for elderly and vulnerable residents through this preservation project at Greene Clermont Houses and Tri-Block Houses Apartments – they hope it serves not only as protection against displacement but also sets an example showcasing New York City’s diverse socio-economic landscape.
The article titled “Wells Fargo Lends $97M To Acquire BK Affordable Housing Portfolio” was originally published on Connect CRE.
