Fairstead Capital has closed on the $315 million Savoy Park Apartments in Central Harlem. The 1,709-unit, 10.5-acre multifamily community encompasses seven, 16-story buildings and is 100-percent rent stabilized. Fairstead, in collaboration with New York City, enhanced and strengthened the existing regulatory agreement for the property, ensuring it remains affordable until at least 2052. Savoy Park is located at 139th to 142nd streets between Fifth and Lenox avenues on the site where the Savoy Ballroom once stood. Fairstead plans to update the community, including upgrades to the security systems, improved public spaces and landscaping. The deal was finalized with a $238.9 million loan from Freddie Mac from Capital One’s multifamily finance arm. The seller was an investment group that included New York-based developer L+M Development Partners and Manhattan-based private equity firm Savanna who bought the property out of foreclosure in 2012 for $210 million.
