Greystone has provided a $10.9 million HUD-insured loan to refinance a 174-unit multifamily property in Miami, Florida. The financing was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Vizcaya Affordable Corp.
The $10,915,700 HUD-insured Section 223(f) financing carries a 35-year term and 40-year amortization, along with a low, fixed interest rate. Constructed in 1997, Vizcaya Villas Apartments consists of two, four-story, elevator buildings with one-, two-, three- and four-bedroom units. Amenities include a community room, picnic area and on-site laundry facilities. Located near the intersection of the Dolphin and Palmetto Expressways, the property offers easy access to Miami’s colleges and universities, employers, entertainment, restaurants and shopping.
“We pride ourselves on guiding our clients through every phase of their project’s lifecycle, at every market turn,” said Mr. Rosenstock. “Our multifamily expertise, coupled with our industry-leading service and seamless execution on every transaction, are the reasons why our clients trust us throughout the lifecycle of their portfolios.”
“My Greystone team knows that my properties are my passion and importantly, they appreciate that people need more than ‘housing’, they need homes,” said Mr. Lewis V. Swezy, principal of Vizcaya Affordable Corp. “Throughout the years, our experiences with Greystone have been nothing short of exceptional, so we have no reason to go anywhere else when it comes to finding the right financing for our portfolio of multifamily properties.”