February 7, 2020
Greystone recently provided approximately $105 million in HUD-insured financing to preserve over 480 units of affordable housing in the East Village and the Astoria section of Queens. The firm’s Christine Griffin and Ken Rogozinski arranged $54,965,000 in financing on 31-41 23rd St. in Astoria, and $50 million for 199 Ave. B in the East Village.
The financing for both assets enable comprehensive, multimillion-dollar renovation plans to be executed, which will preserve the semi-aging properties for long-term habitation at affordable rents, says Greystone. Additionally, the financing packages enable both borrowers to invest in new affordable housing development projects with the proceeds.
“Greystone’s guidance in both preserving our existing affordable housing stock with long-term FHA financing, and extracting value from the assets in order to proliferate more affordable housing, was incredibly helpful,” said William N. Hubbard of CDC, the co-owner of 199 Ave. B.
Pictured: 31-41 23rd St.
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