Kalel Companies led the acquisition and substantial rehabilitation of 1,718 residential units situated across 39 buildings throughout the borough of Manhattan, NY. Improvements are scheduled to be completed with tenants “in place,” except accessibility retrofits, and include roof and window replacements, boiler upgrades, exterior façade pointing, common area and elevator modernizations, 100% rehabilitation of apartment kitchens and bathrooms, and painting of all units. The recapitalization totals $461 million. Financing was provided by NYC HDC with credit enhancement from Fannie Mae and servicing by Wells Fargo.