Berkadia Arranges $71M-Plus for 664-Unit Affordable Complex
Berkadia secured financing for Frederick Samuel Apartments, a 664-unit, midrise affordable housing property located in Harlem. Managing directors Heather Olson and Matthew Baptiste secured $71 million in permanent acquisition financing on behalf of New York-based Genesis Companies and Lemor Development.
The 30-year permanent financing was facilitated through Freddie Mac’s Bond Credit Enhancement program. Berkadia will also service three tranches of senior debt totaling $93 million.
The financing was a joint effort between The New York City Housing Authority (NYCHA), the New York Housing Development Corporation, Berkadia, Freddie Mac, and Goldman Sachs through NYCHA’s PACT Program. The PACT program combines HUD’s Rental Assistance Demonstration Program, HUD’s Project Based Rental Assistance (Section 18), and public/private partnerships.
“With the transformation of more than 660 homes, this initiative will provide much-needed renovations and resources to the community, which will improve the quality of life for thousands of residents in Harlem,” said Olson.
Rendering courtesy of SLM Architecture.
