Tredway, an affordable and mixed-income real estate developer that builds and preserves high-quality, high-opportunity housing, has partnered with ELH Mgmt. LLC in the acquisition of a seven-building, 193-unit affordable housing portfolio in Brooklyn’s Fort Greene neighborhood.
Tredway and ELH said they were investing upwards of $10 million for quality-of-life and energy efficiency upgrades in the portfolio, which has been largely untouched since it was first built in the early 1980s. The companies added the properties will continue serve low-income households earning no more than 50% of area median income, with an additional 30% of the homes being reserved for formerly homeless individuals and families.
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 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 socio-economic diversity that makes New York City so great.”
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