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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
