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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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.
