Kentucky
FAIRSTEAD AND KEYBANK ANNOUNCE ACQUISITION OF AFFORDABLE HOUSING PORTFOLIO IN KENTUCKY
Fairstead and KeyBank will protect affordability for the 950-unit portfolio
16 properties be part of Fairstead’s Kentucky inexpensive portfolio, which has grown to just about 1,300 models of inexpensive housing
LOUISVILLE, Ky., Aug. 10, 2022 /PRNewswire/ — Fairstead, a purpose-driven, vertically built-in actual property firm dedicated to sustainable improvement and the creation and preservation of high-quality housing, and KeyBank Actual Property Capital right this moment introduced the acquisition of 950 models of inexpensive housing for households and seniors throughout Kentucky. House to greater than 1,500 residents, the 16 properties are positioned in Louisville and the encompassing communities, in addition to in Lexington and throughout the southwest of the state. With this acquisition, Fairstead now owns almost 1,300 models throughout Kentucky.
“Fairstead is increasing its portfolio all through the U.S. to foster vibrant communities, make sure that our households and seniors have an inexpensive, secure place to reside, and drive a sustainable future so our neighborhoods can develop and thrive,” stated Jeffrey Goldberg, CEO of Fairstead. “From launching Fairstead Ventures, our new enterprise capital arm devoted to bringing sustainable new applied sciences to inexpensive housing, to monumental new acquisitions, 2022 is shaping as much as be our firm’s greatest 12 months of progress, together with this essential partnership with KeyBank for a considerable portfolio in Kentucky.”
“KeyBank has a steadfast dedication to serving to the purchasers and communities we serve thrive,” stated Eric Steinberg, a Senior Banker at KeyBank. “We’re excited to be a part of Fairstead’s efforts to protect inexpensive housing in Kentucky. Their sources and experience are making an actual distinction in neighborhoods across the state.”
The 16 properties are positioned within the Louisville, Bardstown, Barbourville, Hardin, Hodgenville, Lexington, Mayfield, New Haven, Scottsville, Shepherdsville, and Radcliff communities. The residences are a mixture of household and senior housing and are inexpensive by way of U.S. Division of Housing and City Improvement Part 8 and LIHTC applications.
“Fairstead’s dedication to Kentucky means working with communities to protect long-term affordability and promote housing stability for households and seniors,” stated Estelle Chan, Director, Improvement at Fairstead. “We’re proud to associate with KeyBank to protect the properties of 1000’s of Kentucky residents throughout the state.”
Fairstead entered the Kentucky market in 2020 with the acquisition of the Colony Residences, a 137-unit inexpensive senior housing property in Covington. Fairstead, in partnership with the Kentucky Housing Company and the Metropolis of Covington, lately celebrated Colony Neighborhood Day, marking the completion of renovations on the property with a celebration for residents and native companions. In 2021, Fairstead acquired Cambridge Sq., a 200-unit inexpensive property for households additionally in Covington that’s present process a $12 million overhaul.
About Fairstead
Fairstead is a purpose-driven vertically built-in actual property developer specializing in creating sustainable, high-quality housing. The agency’s nationwide footprint contains greater than $7.9 billion in property and recognized pipeline. With workplaces in New York, Maryland, and South Carolina, Fairstead’s crew manages 90+ communities throughout the nation and runs its complete actual property platform, which incorporates acquisitions and improvement, enterprise capital investments in prop tech, design and building, power and sustainability, property administration, advertising, and leasing. The agency additionally administers one of many business’s most proactive neighborhood affect applications to supply on-site assist companies to residents. For extra data, go to www.fairstead.com.
About KeyBank Actual Property Capital
KeyBank Actual Property Capital is a number one supplier of economic actual property finance. Its professionals, positioned throughout the nation, present a broad vary of financing options on each a company and mission foundation. The group offers interim and building financing, everlasting mortgages, industrial actual property mortgage servicing, funding banking and money administration companies for just about all varieties of earnings producing industrial actual property. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Vendor/Servicer and FHA accepted mortgagee, KeyBank Actual Property Capital presents quite a lot of company financing options for multifamily properties, together with inexpensive housing, seniors housing and scholar housing. KeyBank Actual Property Capital can be one of many nation’s largest and highest rated industrial mortgage servicers.
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SOURCE Fairstead
