The Real Deal New York

Fairstead lands $85M loan for Harlem housing complex

AIG is the lender
By Christian Bautista | July 31, 2018 05:12PM

2802 Frederick Douglass Boulevard and Stephen Siegel (Credit: Google Maps and CBRE)

Fairstead Capital landed an $85 million loan for a massive apartment complex in Harlem.

The lender is American General Life Insurance Company, according to records filed with the city on Tuesday. The company assumed a $48.5 million balance from a New York Community Bank loan originated in 2014 and provided a $36.5 million gap mortgage.

The assemblage, with the address of 2802 Frederick Douglass Boulevard, is a collection of six buildings that runs along the width of West 149th Street. The 436,100-square-foot complex contains 538 apartments. Fairstead acquired the assemblage for $55 million in 2013, records show.

Fairstead — headed by Jeff Goldberg, Will Blodgett, and CBRE’s Stephen Siegel and Andrew Goldberg —  has been trimming its multifamily portfolio recently. Along with its partner Blackstone, the company has been selling the Caiola portfolio in incremental transactions. The latest deals in relation to the package involved 343 East 76th Street, 211 East 82nd Street and 228 East 81st Street, which were sold for $31 million. Blackstone and Fairstead acquired the 24-property portfolio for $690 million in 2015.

Fairstead’s other holdings include Savoy Park, a 1,790-unit complex that’s also in Harlem. It bought the property for $315 million in 2016.

Fairstead declined to comment.