Submitted by KeyBank
Fairstead and KeyBank will preserve affordability for the 950-unit portfolio
16 properties join Fairstead's Kentucky affordable portfolio, which has grown to nearly 1,300 units of affordable housing
KENTUCKY, August 17, 2022 /CSRwire/ —Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, and KeyBank Real Estate Capital announced the acquisition of 950 units of affordable housing for families and seniors across Kentucky. Home to more than 1,500 residents, the 16 properties are located in Louisville and the surrounding communities, as well as in Lexington and across the southwest of the state. With this acquisition, Fairstead now owns nearly 1,300 units across Kentucky.
“Fairstead is expanding its portfolio throughout the U.S. to foster vibrant communities, ensure that our families and seniors have an affordable, stable place to live, and drive a sustainable future so our neighborhoods can grow and thrive,” said Jeffrey Goldberg, CEO of Fairstead. “From launching Fairstead Ventures, our new venture capital arm dedicated to bringing sustainable new technologies to affordable housing, to monumental new acquisitions, 2022 is shaping up to be our company’s biggest year of growth, including this important partnership with KeyBank for a substantial portfolio in Kentucky.”
“KeyBank has a steadfast commitment to helping the clients and communities we serve thrive,” said Eric Steinberg, a senior banker with KeyBank’s Community Development Lending and Investment team. “We’re excited to be part of Fairstead’s efforts to preserve affordable housing in Kentucky. Their resources and expertise are making a real difference in neighborhoods around the state.”
The 16 properties are located in the Louisville, Bardstown, Barbourville, Hardin, Hodgenville, Lexington, Mayfield, New Haven, Scottsville, Shepherdsville, and Radcliff communities. The residences are a mix of family and senior housing and are affordable through U.S. Department of Housing and Urban Development Section 8 and LIHTC programs.
“Fairstead’s commitment to Kentucky means working with communities to preserve long-term affordability and promote housing stability for families and seniors,” said Estelle Chan, Director, Development at Fairstead. “We are proud to partner with KeyBank to preserve the homes of thousands of Kentucky residents across the state.”
Fairstead entered the Kentucky market in 2020 with the acquisition of the Colony Apartments, a 137-unit affordable senior housing property in Covington. Fairstead, in partnership with the Kentucky Housing Corporation and the City of Covington, recently celebrated Colony Community Day, marking the completion of renovations at the property with a celebration for residents and local partners. In 2021, Fairstead acquired Cambridge Square, a 200-unit affordable property for families also in Covington that is undergoing a $12 million overhaul.
Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. The firm's national footprint includes more than $7.9 billion in assets and identified pipeline. With offices in New York, Maryland, and South Carolina, Fairstead's team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, design and construction, energy and sustainability, property management, marketing, and leasing. The firm also administers one of the industry's most proactive community impact programs to provide on-site support services to residents. For more information, visit www.fairstead.com.
About KeyBank Real Estate Capital
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. Its professionals, located across the country, provide a broad range of financing solutions on both a corporate and project basis. The group provides interim and construction financing, permanent mortgages, commercial real estate loan servicing, investment banking and cash management services for virtually all types of income producing commercial real estate. As a Fannie Mae Delegated Underwriter and Servicer, Freddie Mac Program Plus Seller/Servicer and FHA approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing, seniors housing and student housing. KeyBank Real Estate Capital is also one of the nation’s largest and highest rated commercial mortgage servicers.
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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