Greystone announced it has provided $5.35 million in HUD financing for the Sterling Pointe affordable housing community in Oxford, Alabama. John Williams, originator in Greystone’s New York office, worked to close the loan.
The refinancing was structured as a 30-year fully amortizing HUD 223(f) loan. Sterling Pointe Apartments is professionally managed by HSI Management, Inc., a full service property management firm specializing in affordable housing. Sterling Pointe, located between Birmingham and Atlanta, GA, is a 144-unit affordable housing rental community built in 1974, with 125 units under a Section 8 HAP contract and 19 units reserved for Section 236 rentals.
“The combination of low debt service and a 30-year term helps further our mission in preserving and providing housing for those who need it most,” said Douglas Trivers, CFO of HSI Management, Inc. “Greystone has been a trusted partner in helping HSI refinance and preserve our affordable housing communities, and Sterling Pointe is the latest example of a property that will benefit from our ongoing partnership,” he added.
“We have truly enjoyed working with HSI Management and helping to arrange incredibly favorable financing to preserve critical affordable housing resources in Oxford, Alabama,” said Betsy Vartanian, head of FHA lending at Greystone. “Given the age of the property, we recognized repairs and improvements would be necessary, and the high loan-to-value ratio offered by the 223(f) program enabled them to include repair and improvement costs within the loan.”
Greystone was the number one FHA lender in 2012, is ranked as a top-10 Fannie Mae lender, and offers a full range of long term, bridge, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.