Hedge funds, residential real estate and the green stuff.
We're talking mortgage-backed securities, right? Think again.
A group of officials and other workers at several hedge funds is helping build Habitat for Humanity's biggest multifamily project ever, the 41-unit, $13 million Atlantic Avenue Homes condominium project in Brooklyn.
Behind the campaign, called Hedge Funds for Habitat, is Stuart Feffer, co-chief executive at asset servicing firm LaCrosse Global Fund Services, New York, who said the 40 people who worked at a build day in March represented a real mix of front- and back-office firms, and C-suite and other employees.
We're trying to reach out broadly to the alternative investment industry in New York City, Mr. Feffer said.
Once completed, Habitat will seek LEED Silver certification a measure of the steps taken to make the building more environmentally friendly meaning lower energy costs and better indoor air quality for residents.
Hedge fund employees have been good workers, said Josh Lockwood, executive director of the New York Habitat affiliate. Build days have attracted the maximum number of volunteers, with workers donating at least $500 to work. Hedge Funds for Habitat has raised about $200,000 to date, but Mr. Lockwood is hoping to reach $1 million by the end of the year, mostly from a Nov. 11 gala.
And Messrs. Lockwood and Feffer are working to spread the campaign to other affiliates worldwide, starting with cities with LaCrosse offices. Minneapolis, London and Singapore are first up. Drew Carter