June 30, 2020 Comments (0) Views: 259 Florida News, South Florida

Fairstead Acquires 101-Unit Senior Housing Community in Boca Raton

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Real estate firm Fairstead has acquired Gould House, a 101-unit Section 8 housing development for the elderly in Boca Raton. The sales price was not disclosed.

Fairstead plans to embark on a $6 million rehabilitation of the complex, including a full renovation of all apartments including new kitchens, baths, lighting, HVAC, flooring and windows as well as common area improvements. The community is located on the 100-acre Jewish Federation of South Palm Beach County Campus.

The acquisition was financed through the issuance of federal low-income housing tax credits and tax-exempt bonds from the Housing Finance Authority of Palm Beach County. The Freddie Mac Lender/Bond Purchaser in the transaction was Berkadia Commercial Mortgage LLC and the LIHTC Investor was Regions Affordable Housing LLC.

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