Greystone has provided a total of $91,851,000 in Fannie Mae loans to refinance and acquire three affordable housing communities located in New York. The financing was originated by senior managing director Eric Rosenstock and EVP Jeff Englund on behalf of Metropolitan Realty Group.
The financing includes three affordable multifamily communities that will each undergo moderate rehabilitation as part of the transaction. Built in 1975, Pine Town Houses is a 130-unit garden-style apartment community in Long Beach, NY. Hudson View II and III, in Northern Manhattan’s Hamilton Heights neighborhood, total 129 apartments and 11 commercial spaces. Ariel Property Advisors recently arranged the Hudson View II and III acquisition.
Each non-recourse, fixed-rate Fannie Mae loan features a 10-year term with five years of interest-only payments, followed by a 35-year amortization schedule. All three properties are supported by long-term Section 8 Housing Assistance Payments (HAP) contracts and are subject to long-term affordability restrictions.
