Fairstead has announced the financing of a 905-unit portfolio of subsidized housing across nine properties (49 buildings) in New York City. Over the last six months, in nine distinct transactions, Fairstead has restructured the $430 million portfolio with $310 million in Department of Housing and Urban Development (HUD)–insured financing.
The portfolio, located throughout Brooklyn and Manhattan, had been on the verge of conversion to market-rate housing. Fairstead, the NYC Council Members who represent these neighborhoods, the Department of Housing Preservation and Development (HPD), and the HUD collaborated to rehabilitate and preserve this affordable housing. Fairstead entered into new regulatory agreements with HPD to ensure that all 905 units will remain affordable for at least the next 40 years.
The most recent transaction, which closed Dec. 30, was a $46.4 million loan provided by Capital One and HUD for 680 St. Nicholas Ave. in Manhattan. Fairstead completed a
