Tredway and ELH Mgmt. secure affordable housing in Brooklyn’s Fort Greene
Tredway, a developer focused on affordable and mixed-income housing, along with ELH Mgmt. LLC, has recently completed the acquisition of a seven-building portfolio in the vibrant Fort Greene neighborhood of Brooklyn. This strategic acquisition is notable not only for its scale but also for Tredway’s commitment to extending the affordability of these properties for an additional 40 years, ensuring all 193 homes remain accessible to low-income households earning no more than 50 percent of the area median income.
In an effort to preserve the socio-economic diversity that epitomizes New York City, Tredway has taken a significant step to combat displacement. “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.”
In addition to securing housing affordability, Tredway and ELH are investing upwards of $10 million in renovations. A key feature of these renovations is the 97-unit, elderly-designated, mid-rise building at 80 Greene Avenue, which will receive aging-in-place retrofits to enhance the quality of life for its residents. The redesign includes new community spaces and a wellness center to facilitate on-site vaccination and nursing services, supported by the Jericho Project, a recognized nonprofit specializing in social services focused on housing retention and stabilization.
The entire portfolio, collectively known as Tri-Block Houses Apartments, will see significant upgrades aimed at enhancing energy efficiency and safety, with apartments receiving new bathrooms, kitchens, lighting, and flooring. This comprehensive improvement plan will refresh the buildings’ appearance and functionality, marking the first major overhaul in over 40 years.
The project is being financed with a $97 million Freddie Mac loan facilitated by Wells Fargo. This acquisition marks a pivotal step in Tredway and ELH’s ongoing commitment to fostering inclusive communities through sustainable development.
This acquisition exemplifies a robust approach to urban development, integrating crucial housing needs with community-centric solutions. Tredway’s strategy effectively addresses the dual challenges of urban displacement and the need for sustainable community integration.