Greystone Facilitates Major Loan for Affordable Housing Community
Greystone, a prominent national commercial real estate finance company, has played a crucial role in supporting affordable housing by providing a HUD-insured loan of $20,977,600 for the refinancing of Windover Oaks Apartments, a community comprised of 238 units designated for affordable living.
Windover Oaks Apartments: A Brief Overview
This property, established in 1984, is located in Brevard County and consists of 20 garden-style apartment buildings. With a mix of one-, two-, and three-bedroom apartments, it includes 180 units specifically designated for affordable housing. Residents benefit from a variety of amenities designed to enhance their quality of life.
Loan Terms and Benefits
The HUD 223(f) loan provided by Greystone features a generous 35-year term with amortization, qualifying the property for green building certification. Not only does this refinancing help maintain the property, but it also allows for the monetization of some equity. These changes will enable continued upgrades and ongoing maintenance, ensuring the apartments remain livable and welcoming.
Community Importance
Windover Oaks has been a vital resource for low- and moderate-income households, offering amenities such as a swimming pool, clubhouse, and playground. Managed by Atlantic Housing Foundation, this community is a testament to the importance of affordable housing in ensuring a stable living environment for families.
Comments on the Financing
Miryam Reinitz-Kops, one of the key figures in this transaction, expressed pride in helping preserve essential housing through HUD financing programs. The commitment from Greystone reflects their mission to provide lasting solutions for affordable housing aspirations across the nation.
Reactions from the Developer
Kent Foster, a Developer involved in the project, articulated that this investment will significantly improve the quality of life for residents, enhance the property's market position, and minimize utility costs, reiterating the Foundation’s commitment to its mission.
About Greystone
Greystone is a reputable private national commercial real estate finance company recognized for its proficiency in multifamily and healthcare finance. As a leading FHA, Fannie Mae, and Freddie Mac lender, Greystone offers a range of loan products through its various affiliates.
About Atlantic Housing Foundation
The Atlantic Housing Foundation (AHF), Inc. is a dedicated not-for-profit entity specializing in affordable housing. With a portfolio of over 8,000 multifamily units across multiple states, AHF is committed to preserving quality housing for low- and moderate-income families.
Frequently Asked Questions
What is the purpose of the $20 million loan?
The loan is intended to refinance the Windover Oaks Apartments, facilitating ongoing maintenance and upgrades.
How many units does Windover Oaks Apartments have?
The community comprises 238 apartment units, with a significant portion designated for affordable housing.
What amenities are available for residents at Windover Oaks?
Residents have access to a clubhouse, swimming pool, outdoor sports courts, and a playground.
Who manages the Windover Oaks property?
The Atlantic Housing Foundation manages Windover Oaks, ensuring the community meets affordable housing needs.
What is Greystone's role in the project?
Greystone provided the HUD-insured loan necessary for refinancing and maintains a commitment to affordable housing solutions.