Transitional housing property owned by Fundamental Advisors, via fundamental.comSlate Property Group and Fundamental Advisors have closed on a $210 million refinancing package for their joint venture’s transitional and affordable housing portfolio. The transaction, designated as a social bond, was made possible by Freddie Mac in a first-of-its-kind engagement to provide liquidity to social impact financial institutions that bring affordable housing to low-income communities and underserved populations.
The portfolio consists of 12 transitional and affordable housing properties located throughout Manhattan, Brooklyn, Queens, and The Bronx, totaling 1,115 units across approximately 304,000 square feet. Each property is leased to a unique not-for-profit operator and backed by a contract with the New York City Department of Homeless Services. The properties within the portfolio serve demographics including families and children, individuals, LGBTQ+ youth, and victims of domestic violence.
JPMorgan Chase originated the refinancing package, which was securitized by Freddie Mac as part of its Multifamily Q series. The proceeds will be used to pay down existing floating-rate debt, fund reserves, holdbacks, and cover closing costs. Slate secured the seven-year fixed-rate loan.
“This transaction will put these transitional homes on the strongest possible financial footing,” said John Valladares, managing director at Slate Property Group. “We’re grateful to JPMorgan, Fundamental Advisors, and all of our nonprofit partners for helping get this deal across the finish line.”
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