193 homes will be maintained as deeply
affordable housing for very low-income families with more than
$10 million planned in
quality-of-life and energy efficiency upgrades
NEW
YORK, June 19, 2024 /PRNewswire/ -- Tredway, an
affordable and mixed-income real estate developer that builds and
preserves high-quality, high-opportunity housing, and ELH Mgmt.
LLC, today announced the acquisition of a seven-building portfolio
in Brooklyn's Fort Greene
neighborhood. Concurrent with the acquisition, Tredway has extended
the affordability of the properties for another 40 years, ensuring
all 193 homes will serve low-income households earning no more than
50 percent of area median income. An additional 30 percent of the
homes will be reserved for formerly homeless individuals and
families.
"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 & 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."
Tredway and ELH are investing upwards of $10 million to renovate the portfolio, which has
been largely untouched since it was first built. The
cornerstone of the preservation is a 97-unit, elderly-designated,
mid-rise building located at 80 Greene Avenue. 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.
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. Jericho Project, a nationally-acclaimed nonprofit, has
been retained to provide meaningful social services to residents
with an emphasis on housing retention and stabilization, as well as
age-appropriate programming.
Collectively known as Tri-Block Houses Apartments, the remaining
buildings are located at 36 Fort Greene Place, 56 Fort Greene
Place, 35 St. Felix Street, 42 St. Felix Street, 51 St.
Felix Street and 221-225 Ashland
Place.
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 for the first time in over 40 years.
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 Affordable Housing
Advisors.
About Tredway
Founded in 2021, Tredway is a real
estate development firm that acquires, revitalizes and preserves
affordable, workforce and mixed-income housing. Our work is driven
by the belief that safe, high-quality and accessible housing is an
important catalyst for upward socioeconomic mobility and is an
essential part of fostering equity in America today. To learn about
the advantages of partnering with Tredway, visit: tredway.com.
Media contact:
Kelly
Magee
kelly@rivetpr.com
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SOURCE Tredway Management, LLC