Tredway and ELH Mgmt have acquired a seven-building affordable housing portfolio in Brooklyn, New York.
The firms have extended the affordability of the Section 8 properties for another 40 years, ensuring that all 193 homes will serve households earning no more than 50% of the area median income. An additional 30% of the homes will be reserved for formerly homeless individuals and families.
Approximately $10 million in upgrades are planned across the Fort Greene neighborhood portfolio. The properties have been largely untouched since they were built in the early 1980s, according to Tredway, a development firm that acquires, revitalizes, and preserves affordable, workforce, and mixed-income housing.
“The tremendous changes we’ve seen in Fort Greene over the past decade have unfortunately made it difficult for longtime residents to remain in the community they pioneered,” said Will Blodgett, CEO and founder of Tredway. “By locking in affordability for elderly and vulnerable residents, we hope the preservation of Greene Clermont Houses and Tri-Block Houses Apartments serves as a bulwark against displacement and an example of the socioeconomic diversity that makes New York City so great.”
The cornerstone of the preservation is a 97-unit, elderly-designated, mid-rise building located at 80 Greene Ave. Constructed in 1982, Greene Clermont Houses is home to longtime residents of Fort Greene who will benefit from critical aging-in-place retrofits aimed at enhancing residents’ quality of life, according to the development team.
A redesigned indoor and outdoor community space and a new wellness center will allow for on-site vaccination and nursing services and include office space for a resident services coordinator. The Jericho Project has been retained to provide social services to residents with an emphasis on housing retention and stabilization, as well as age-appropriate programming.
Throughout the portfolio, the developers will focus on improving the properties’ energy efficiency and Local Law 11 safety improvements. Apartments will receive new bathrooms, kitchens, lighting, and flooring, while lobbies and commons areas will be refreshed.
Collectively known as Tri-Block Houses Apartments, the remaining buildings are located at 36 Fort Greene Place, 56 Fort Greene Place, 35 St. Felix St., 42 St. Felix St., 51 St. Felix St., and 221-225 Ashland Place.
The project is being financed with a $97 million Freddie Mac loan from Wells Fargo. The total development cost is estimated to be $110 million. The sale was brokered by Andy Daitch and Matt Kurzmann of Affordable Housing Advisors.