Greystone Secures $90 Million Loan for Affordable Housing Project
Greystone Facilitates Major Financing for Affordable Housing
Greystone, a prominent player in the commercial real estate finance sector, has recently made headlines by securing a substantial $90 million loan through Fannie Mae's Delegated Underwriting & Servicing (DUS®) program. This funding is earmarked for the refinancing of a notable 317-unit multifamily property.
Cromwell Towers Apartments: A Multifamily Gem
The property in question is the Cromwell Towers Apartments, a 12-story structure built in 1974 located in Westchester County. It houses a mix of one-, two-, and three-bedroom units, all of which are income- and rent-restricted. This initiative aims to provide good quality housing options at affordable prices for lower and middle-income families.
Loan Structure and Benefits
The loan, amounting to approximately $89.99 million, offers a non-recourse, fixed-rate financial solution featuring a term of five years and a generous 35-year amortization schedule. With the first two years dedicated to interest-only payments, this arrangement eases the financial burden on the property owners.
Additionally, the property is bolstered by a long-term Housing Assistance Payment (HAP) contract covering about 99% of its units. Upon closing, this will transition to an extended 27-year HAP contract, ensuring sustained operational support that keeps rents manageable.
Greystone's Commitment to Affordable Housing
Greystone's involvement is not merely transactional; it reflects a genuine commitment to improving affordable housing access in metropolitan areas. Senior Managing Director Eric Rosenstock emphasizes the company's dedication to facilitating quality living conditions for families. He mentions, "Greystone is committed to executing transactions that enable our clients to provide quality affordable housing to individuals and families in New York City and beyond." This dedication is crucial in a landscape where affordable housing is increasingly vital.
Trusting the Experts
Industry stakeholders recognize Greystone's reliability. Scott Jaffee, principal of the borrowing entity and a repeat client of Greystone, trusts the firm's expertise in navigating the complexities of affordable housing finance. He acknowledges how Greystone consistently delivers financing solutions that ultimately benefit the communities served.
About Greystone
Greystone is not just another finance company; it has etched its name as a leader in multifamily and healthcare finance. It has consistently ranked among the top lenders for FHA, Fannie Mae, and Freddie Mac sectors. The firm’s extensive experience affords its clients a range of competitive financing options tailored to their specific needs.
The company's affiliate networks, including Greystone Servicing Company LLC and Greystone Funding Company LLC, allow for a comprehensive service model that is both effective and responsive. Interested parties can find more about the company and its offerings on their official website.
Frequently Asked Questions
What is the amount of the loan provided by Greystone?
Greystone provided a $90 million loan for refinancing a multifamily property.
What type of property is the Cromwell Towers Apartments?
The Cromwell Towers Apartments is a 317-unit multifamily building with income- and rent-restricted units.
What organization is associated with the loan?
The loan is facilitated through Fannie Mae's Delegated Underwriting & Servicing (DUS®) program.
What is the purpose of the HAP contract for the property?
The HAP contract ensures affordable rents and financial support for the majority of the units in the property.
How does Greystone support affordable housing?
Greystone focuses on providing financing solutions that assist clients in delivering affordable housing options in urban areas.
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