Financed with HUD-insured 223f loans, Fairstead was allowed to invest over $35 million to upgrade all buildings with a full interior renovation of units and common areas.  These renovations include new cabinetry, countertops, tiling, low-flow fixtures in all kitchens and bathrooms, sustainability measures to significantly reduce utility costs, handicap accessibility improvements, infrastructure upgrades and improved security and connectivity.

The FHA teams of multiple lending partners, including Truist, Greystone, Capital One, and Meridian Capital Group arranged the financing. "Through the HUD-insured 223f loan program, $310 million was financed to renovate existing homes and ensure residents have access to the decent, safe and sanitary housing units they deserve," said Lynne Patton, HUD regional administrator for New York and New Jersey, in a prepared statement.

Fairstead's design and construction team will lead the full tenant-in-place rehab.  The team has already completed Plaza Apartments and St. Nicholas Manor Apartments. The remainder of the portfolio is under construction and is dated for completion in 2020.

Fairstead most recently closed on a $46.4 million Capital One loan and HUD for 680 St. Nicholas Ave. in Manhattan. Fairstead completed a comprehensive renovation of the property last year and introduced a social services platform and amenities, including a new community room and enhanced connectivity services for residents.

"Affordable housing continues to be a scarce resource in this country, especially in New York. Public-private partnerships are key to creating and maintaining this affordability and Fairstead is proud to work with city council members and agencies alike who recognize the importance of preserving these affordable units and Fairstead's ability to bring about positive change," said Will Blodgett, co-founder and partner at Fairstead, in a prepared statement.