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Greystone provides $46.8M Fannie Mae-backed loan for Long Beach Section 8 complex
The 10-year, nonrecourse fixed-rate financing includes five years of interest-only payments and a moderate rehabilitation project for the 130-unit Pine Town Houses property.
Greystone has arranged $46.8 million in agency debt for Metropolitan Realty Group to acquire and refinance a Long Island affordable housing complex, Commercial Observer reported. The loan is nonrecourse and fixed-rate, backed by Fannie Mae, and was made for the Pine Town Houses Section 8 garden-style apartment complex at 151 East Pine Street in Long Beach, New York.
According to the report, the 10-year loan structure provides five years of interest-only payments before transitioning to a 35-year amortization schedule. The Pine Town Houses property, built in 1975, includes eight two-story buildings with 130 units ranging from one to four bedrooms, supported by long-term Section 8 Housing Assistance Payments.
Commercial Observer also reported that the refinancing will include a moderate rehabilitation project. Planned upgrades across the complex include interior apartment renovations, building system improvements, and enhancements to common areas, as Greystone described.
The financing was originated by Eric Rosenstock, senior managing director at Greystone, and Jeff Englund, executive vice president, the outlet noted. Commercial Observer added that Greystone previously provided Fannie Mae-backed loans totaling $45.1 million for two other Metropolitan Realty Group properties in northern Manhattan, Hudson View II and Hudson View III.