Tredway, an affordable and mixed-income real estate developer and ELH Mgmt. LLC secured a $97 million Freddie Mac loan from Wells Fargo to buy and renovate a seven-building portfolio in Brooklyn's Fort Greene neighborhood.
The total development cost is estimated to be $110 million. The sale was brokered by Affordable Housing Advisors.
The affordability of the 193 homes has been extended another 40 years with an additional 30% reserved for formerly homeless individuals and families.
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Collectively known as Tri-Block Houses Apartments, the buildings are located at 36 Fort Greene Place, 56 Fort Greene Place, 35 St. Felix Street, 42 St. Felix Street, 51 St. Felix Street, 80 Greene Ave. and 221-225 Ashland Place.
Tredway and ELH are investing upwards of $10 million to renovate the portfolio, which has been largely untouched since it was first built. The cornerstone of the preservation is a 97-unit, elderly-designated, mid-rise building located at 80 Greene Ave., which was constructed in 1982.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
