Fairstead Secures $202 Million Loan For Haverstock Hills Apartments In Houston From PNC Multifamily Capital

The asset involved in the transaction is the Haverstock Hills Apartments, a multifamily property with 700 units located at 5619 Aldine Bender Road in Houston's East Aldine neighborhood. Fairstead acquired the property through a financing package totaling $202,000,000, which includes $120,000,000 in debt and $82,000,000 in equity from PNC Multifamily Capital.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $202,000,000
• Address: 5619 Aldine Bender Road
• Market: Houston
• Units: 700
• Lender: PNC Multifamily Capital
• Landlord: Noah Hale, Allan Izzo & Jeffrey Goldberg - Fairstead

Fairstead plans to renovate the property, which is fully subsidized under Section 8, focusing on exterior and common area upgrades, enhanced security, and the introduction of social services through a partnership with Rainbow Housing. The targeted completion date for the renovations is early 2028.