June 30, 2020
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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