NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed.
The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown.
Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit Enhancement program. Additionally, Berkadia will service three tranches that total $93 million of senior debt on the property.
The financing was a joint effort between The New York City Housing Authority (NYCHA), the New York Housing Development Corp., Berkadia, Freddie Mac and Goldman Sachs through NYCHA’s PACT Program. The PACT program combines the U.S. Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration program, HUD’s Project Based Rental Assistance and public-private partnerships to ensure the rehabilitation and long-term preservation of affordable housing in New York.