Will Blodgett & Larry Hirschfield Secure $97M Loan For Fort Greene Multifamily Acquisition

The acquisition of seven Section 8 housing buildings in Fort Greene, Brooklyn involved properties located at 80 Greene Avenue, 36 Fort Greene Place, 56 Fort Greene Place, 35 Saint Felix Street, 42 Saint Felix Street, 51 Saint Felix Street, and 221-225 Ashland Place. The loan provided by Wells Fargo amounted to $97,000,000 for the purchase and enhancement of these multifamily assets, with a total development cost projected to exceed $110 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $97,000,000
• Address: 80 Greene Avenue, 36 Fort Greene Place, 56 Fort Greene Place, 35 Saint Felix Street, 42 Saint Felix Street, 51 Saint Felix Street, 221-225 Ashland Place
• Market: Fort Greene, Brooklyn
• Lender: Wells Fargo
• Landlord: Will Blodgett - Tredway & Larry Hirschfield - ELH Mgmt
• Loan Type: Acquisition

Will Blodgett from Tredway and Larry Hirschfield from ELH Mgmt were the key individuals who secured $97 million in Freddie Mac-backed financing from Wells Fargo for this significant real estate venture. The financing was intended to facilitate the acquisition and improvement of affordable housing in Brooklyn’s Fort Greene neighborhood, demonstrating a commitment to providing quality housing options for residents.