PITTSBURGH, Feb. 22, 2021 – The Housing Authority City of Pittsburgh (HACP) has committed approximately $1.6 million in gap financing funding, along with 24 project-based Section 8 vouchers, for Tryko Partners’ Cedarwood Homes redevelopment at the corner of Broadhead Fording and Village Road in Pittsburgh. The private equity investment group was recently selected as developer of choice by the Urban Redevelopment Authority of Pittsburgh (URA) to transform the former Fairywood School site in the City’s west end into affordable townhomes for seniors aged 62 and over; the project will anchor a larger neighborhood revitalization initiative.
Isaac Sassoon, Esq., senior vice president at Tryko, said, “This commitment from HACP, along with the inclusion of seven market rate, non-income restricted homes, will enable Cedarwood Homes to serve the entire range of community residents. We are proud to provide the City’s most disadvantaged seniors with the opportunity to live in newly constructed, quality housing and access to essential support services.”
The Cedarwood Homes redevelopment plan includes 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income. The project features spacious one-bedroom units with covered porches, surrounded by a series of walkable, park-like green spaces. Ample parking will be provided, as well as a community building where residents can take advantage of financial literacy, nutrition and exercise programs; health screenings; and other support services designed to enable seniors to age in place. The complex will be transit-friendly and incorporate energy-efficient and sustainable site design, including rain gardens throughout the green spaces.
Sassoon noted that moving forward with the project is contingent on Tryko receiving an award of 9% Low-Income Housing Tax Credit (LIHTC) from the Pennsylvania Housing Finance Agency. The LIHTC program is a federal program administered by State housing finance agencies for the acquisition, rehabilitation or new construction of rental housing targeted to lower-income households.
Tryko owns more than 2,000 affordable housing units in Pittsburgh and the surrounding regional market. In 2007, the firm demonstrated its commitment to revitalizing the neighborhood surrounding the Cedarwood Homes site with the acquisition of Emerald Gardens, the 436-unit multifamily complex next door. The firm purchased the former HUD property when it was in bankruptcy and invested over $10 million to make improvements. Sassoon said, “We hope to mirror our success with the market-rate Emerald Gardens, which is averaging nearly 100% occupancy and has become one of the most desirable properties in the area.”
Pittsburgh Mayor William Peduto and City Council President Theresa Kail-Smith have expressed their support for the much-needed project. “There are many seniors living in Fairywood who are saddened to leave because they can no longer maintain their homes,” said Kail-Smith, who represents District 2. “This development is crucial to making it possible for residents to stay.”
Based in Brick, N.J., Tryko Partners purchases multifamily properties, healthcare facilities and service entities, and tax liens along the Eastern Seaboard and in the Midwest. The organization has grown its real estate and healthcare portfolios by identifying recovering markets and maximizing investor returns through diligent acquisitions, hands-on management and value-added capital improvements. Tryko maintains an outstanding reputation as an operator, developer and property manager.