Fully-integrated real estate firm Fairstead secured several sources of financing to fund its purchase of a 250-unit affordable senior apartment community in Naples, Florida. Chicago-based developer Full Circle Communities sold the 45-year-old community for $59.5 million, or $238,000 per unit.
Currently, there are a variety of supportive services including health and wellness programs, on-site meals, van transportation to doctor’s appointments, pharmacy visits, education programs and other activities. Fairstead is also planning a $25 million renovation of the property, which will include improvements made to common areas and every residential unit, with a particular focus on energy and sustainability.
To help support both purchase and the renovations, Fairstead secured $64 million in tax-exempt bonds (purchased by Berkadia and backed by Freddie Mac) and 4% federal low-income housing tax credits from Collier County Housing Finance Authority, with Regions Bank as the investor.
