PACT RENAISSANCE COLLABORATIVE
Manhattan, New York
DEVELOPMENT PARTNERS
Monadnock Development
DATE ACQUIRED
December 2020
NUMBER OF UNITS
718 units of low-income family housing, 41 buildings
DATE COMPLETED
February 2024
TOTAL COST
$461M
ABOUT
Kalel Companies led the acquisition and substantial rehabilitation of 1,718 residential units situated across 41 buildings throughout the borough of Manhattan, NY. Improvements to our property have been successfully completed with tenants “in place,” except accessibility retrofits, and include roof and window replacements, boiler upgrades, exterior façade pointing, common area and elevator modernizations, 100% rehabilitation of apartment kitchens and bathrooms, and painting of all units. The recapitalization totals $461 million. Financing was provided by NYC HDC with credit enhancement from Fannie Mae and servicing by Wells Fargo.
