PACT BED STUDY COLLECTIVE

Kalel Companies, together with Dantes Partners and non-profit partner Restoration (formerly Bed Stuy Restoration Corporation), are leading the acquisition and substantial rehabilitation of 929 residential units situated across 16 buildings in the Bedford-Stuyvesant section of Brooklyn, NY. Improvements are scheduled to be completed with tenants “in place,” except accessibility retrofits, and include roof and window replacements, mechanical and replacements, exterior façade repairs, new common areas, elevator replacements, 100% rehabilitation of apartment kitchens and bathrooms, and painting of all units.

Financing sources are expected to include a permanent loan anticipated to be provided by Fannie Mae or Freddie Mac, a second mortgage from NYCHA/HPD and Federal and State Historic Tax Credit equity.