Karim Hutson And Kenneth Morrison Secure $71 Million Loan For Frederick Samuel Apartments In Harlem

The property involved in this transaction is the Frederick Samuel Apartments, a multifamily asset located at 164 West 144th Street in the Harlem market. The asset consists of 664 units and has secured a loan amounting to $71 million for its acquisition. The financing was structured under NYCHA’s PACT program with Freddie Mac, aimed at facilitating critical upgrades and ensuring the long-term preservation of affordable housing for low-income residents.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $71,000,000
• Address: 164 West 144th Street
• Market: Harlem
• Units: 664
• Lender: Freddie Mac
• Landlord: Karim Hutson - Genesis Companies & Kenneth Morrison - Lemor Development
• Brokers: Heather Olson & Matthew Baptiste - Berkadia

Berkadia played a significant role in this transaction by securing the $71 million in permanent acquisition financing for the property. The deal highlights the collaboration between the Landlords, Genesis Companies led by Karim Hutson and Lemor Development represented by Kenneth Morrison, as they seek to enhance the living conditions within this affordable housing unit. The brokers, Heather Olson and Matthew Baptiste from Berkadia, facilitated the transaction and are key figures in the financing structured under the PACT program.