January 8, 2021
Greystone provided a total of $59 million HUD-insured financing for a portfolio of three Section 8 multifamily properties consisting of 143 units in Northern Manhattan. The financing was originated by managing director Leor Dimant in Greystone’s New York office.
The HUD-insured Section 223(f) non-recourse financing carries a 35-year term and 35-year amortization, along with a low, fixed rate. The FHA loans provide a permanent exit from the $45 million bridge financing provided by Greystone to acquire the properties, which are located in Washington Heights, Morningside Heights and West Harlem. The trio of affordable housing properties was acquired for $60 million total.
The financing ensures that the properties’ Section 8 contract with HUD continues uninterrupted. “Greystone is passionate about preserving affordable housing, particularly in urban centers such as New York City, and we are thrilled to be able to shepherd this transaction through to permanent financing,” said Dimant.
For comments, questions or concerns, please contact Paul Bubny