Fairstead investors pump $500M into next growth spurt

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New York-based affordable housing investor, Fairstead, has announced
a new $500 million equity commitment from investors to expand the company’s
operations.

Since its founding in 2014, Fairstead has acquired or
developed more than $4 billion of multi-family properties and is currently
working on a pipeline of $2.3 billion in new acquisitions across the country
including Florida, Kentucky, New Jersey, New York, Pennsylvania, and
Washington, D.C.

The new capital will fund an expansion on its multi-family portfolio
and enhance the firm’s prop tech, sustainability, and community impact
programming for its affordable, workforce and market rate housing residents
across the country.

Fairstead CEO Jeff Goldberg said the equity – from the firm’s “key investors”- comes as federal legislators continue to debate the need for investments in housing to combat the national affordability crisis.

JEFF GOLDBERG

“The lack of quality housing is one of the most important
issues facing our nation today,” said Goldberg. “Those of us at the forefront
of this crisis recognize that expanding capacity is only part of the solution.
We must commit the financial resources to create sustainable housing, invest in
prop tech solutions to future proof our industry, and collaborate with our
community and government leaders to develop impactful programming that will strengthen
our neighborhoods and revitalize our cities.”

The company has hired former Citibank director Tricia Yarger
to head up its capital markets team. The investment banking veteran will manage
all of the firm’s debt and equity relationships while helping outside capital
partners direct their investments into Fairstead properties.

It is also amping up its proptech portfolio with its venture
capital arm looking for “synergistic partnerships … that will help cities
become more sustainable and resilient.”

Earlier this month, Fairstead made an investment in Enviro
Power, an energy tech company focused on transforming existing heating
infrastructure into an energy platform with its SmartWatt Boiler technology, a
boiler that generates onsite electricity at nearly zero-cost and provides
backup power.

 In addition to
funding this technology and sitting on Enviro Power’s board of directors,
Fairstead is evaluating the deployment of the systems at select properties throughout
its portfolio.

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