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Greystone provides $91.9M in Fannie Mae loans for NY affordable housing
The non-recourse, fixed-rate loans include a 10-year term with five years of interest-only payments and 35-year amortization.
Greystone has provided $91,851,000 in Fannie Mae loans to refinance and acquire three affordable housing communities in New York, according to ConnectCRE. The financing supports the transaction for Metropolitan Realty Group.
The deal covers three affordable multifamily properties, including Pine Town Houses, a 130-unit garden-style apartment community in Long Beach, New York, and Hudson View II and III, totaling 129 apartments plus 11 commercial spaces in Northern Manhattan’s Hamilton Heights neighborhood. Ariel Property Advisors arranged the acquisition of Hudson View II and III.
ConnectCRE said each property will undergo moderate rehabilitation as part of the transaction, and all three loans are non-recourse and fixed-rate. The loans have a 10-year term with five years of interest-only payments, followed by a 35-year amortization schedule.
The communities are supported by long-term Section 8 Housing Assistance Payments, or HAP, contracts, and are subject to long-term affordability restrictions. ConnectCRE also noted that senior managing director Eric Rosenstock and EVP Jeff Englund originated the financing on behalf of Metropolitan Realty Group.